Key Highlights:
- Bitcoin (BTC) Price: Trades around $82,700, recovering 5.52% after recent losses.
- Ethereum (ETH) Price: Testing key $1,900 support; a breakdown could trigger a deeper correction.
- Ripple (XRP) Price: Holding strong at $1.96 support, signaling a potential rebound.
The cryptocurrency market is bracing for heightened volatility ahead of the US Consumer Price Index (CPI) data release, which could impact Bitcoin, Ethereum, and Ripple prices significantly. Investors are closely watching these key technical levels to determine the next major price movement.
📉 Bitcoin Price Prediction: BTC Eyes Recovery Above $85,000
Bitcoin price has experienced significant price swings in the past week, breaking below its 200-day Exponential Moving Average (EMA) at $85,664 and dropping 9.14%. However, BTC managed to bounce back from $78,258 and is now trading around $82,700.
Technical Outlook:
- Support Level: $78,258 (February 28 low)
- Resistance Level: $85,000
- Relative Strength Index (RSI): 40, rising from oversold conditions at 30.
➡️ Bullish Scenario: If BTC maintains its upward momentum, it could reclaim $85,000 and move towards its next psychological resistance at $87,500.
➡️ Bearish Scenario: A break below $78,258 could extend the decline toward $73,072, potentially triggering another sell-off.
📉 Ethereum Price Prediction: ETH at Risk of Falling Below $1,900 Support
Ethereum price faced a 7.69% drop on Monday before bouncing 3.13% the next day. However, ETH remains weak, hovering around the $1,905 support level.
Technical Outlook:
- Support Level: $1,900 (weekly support)
- Resistance Level: $2,359
- RSI: 32, trending towards oversold levels (30), indicating strong bearish momentum.
➡️ Bearish Scenario: If ETH closes below $1,900, further downside to $1,700 is likely.
➡️ Bullish Scenario: A rebound above $2,000 could open doors to $2,359 resistance.
📉 Ripple (XRP) Price Prediction: Holding $1.96 Support, Eyes $2.72 Resistance
Ripple (XRP) tested its daily support at $1.96 and managed to recover 7.40%, signaling a potential trend reversal. Currently, XRP trades around $2.20.
Technical Outlook:
- Support Level: $1.96 (daily support)
- Resistance Level: $2.72
- RSI: 44, moving towards neutral (50), indicating fading bearish momentum.
➡️ Bullish Scenario: If XRP holds above $1.96, a rally towards $2.72 is likely.
➡️ Bearish Scenario: A breakdown below $1.96 could send XRP towards $1.77, its February 3 low.
📊 Market Sentiment & CPI Impact
The upcoming US CPI report could trigger high volatility across Bitcoin, Ethereum, and Ripple. Higher-than-expected inflation data may strengthen the USD, leading to downside pressure on crypto assets.
💡 Traders should stay cautious and watch for key breakouts or breakdowns in BTC, ETH, and XRP.
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