The cryptocurrency market faced heavy pressure over the past week, with major coins like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) posting significant losses. The broader market correction, combined with macroeconomic uncertainty and ongoing trade tensions, continues to weigh heavily on investor sentiment.
Bitcoin is struggling to hold ground after falling nearly 5% last week. Currently trading around $78,600, BTC recently bounced from support at $78,258, but risks remain elevated.
Key Levels to Watch:
A close below $78,258 could accelerate losses toward $76,606, and potentially test the next support near $73,072. However, if bulls defend the current support, a recovery toward $85,000 is possible.
Ethereum dropped 13% over the last week, failing to stay above the important $1,861 resistance. ETH is now hovering around $1,575, nearing the October 2023 lows.
Key Levels to Watch:
While RSI indicates ETH may be oversold, continued bearish momentum could push it lower. A bounce from current levels might retest $1,700, but the overall trend remains negative.
Rippleโs price declined by 10% last week, closing below critical support at $1.96 and the 200-day EMA at $1.94. XRP now trades around $1.86, signaling further downside risk.
Key Levels to Watch:
If bears maintain control, XRP could fall to $1.77, its lowest point this year. Any upward correction would first need to reclaim the $1.96 level to signal bullish intent.
The overall crypto market remains under bearish pressure. With Bitcoin and Ripple nearing their yearly lows and Ethereum revisiting multi-year lows, traders should remain cautious. Technical indicators suggest room for further downside, though oversold RSI levels may offer short-term bounce opportunities.
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