Bitcoin Faces a Critical Resistance Level
Bitcoin price is currently testing a crucial resistance level around $62,000. This level has proven to be a significant barrier, as the price has been repeatedly rejected around the 61.8% Fibonacci retracement level of $62,066. Currently trading at $58,564, Bitcoin shows potential for a decline if it cannot break through this resistance.
If the $62,066 level holds, we may see an increase in selling pressure, possibly leading to a 19% drop to retest the $49,917 support level. Momentum indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) are suggesting bearish dominance, trading below neutral levels.
BTC/USDT daily chart
Conversely, if Bitcoin manages to close above $65,596, it could establish a higher high, potentially driving a 6% increase toward the $69,648 resistance.
Ethereum's Price at Risk
Ethereum is facing a significant resistance barrier around $2,843, derived from the 50% retracement level. Currently trading at $2,537, Ethereum may drop 25% if it fails to surpass this resistance, potentially testing its weekly support at $2,118. The bearish sentiment is further supported by the RSI and AO indicators falling below their neutral thresholds.
ETH/USDT daily chart
If Ethereum closes above $3,396, it could drive a 5% increase back toward the July high of $3,562.
Ripple's Potential Decline
Ripple's price is currently around $0.560, having found support at $0.544. However, if it breaks below this support, we could see a 10% decline to retest the $0.492 level. The daily RSI has also slipped below its neutral level, reinforcing the bearish outlook.
XRP/USDT daily chart
If Ripple closes above $0.643, it may change the market structure and push towards a 12% increase to the next resistance at $0.724.
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