Noteworthy developments continue in the crypto market. Accordingly, the price drop of Bitcoin at a critical support level has affected the entire crypto market. Investors sold off following lower-than-expected US Consumer Price Index (CPI) data. In this article, we analyze three major assets in the crypto market and their potential for the upcoming week.
Bitcoin Chart Analysis
With crypto investors turning to sell, Bitcoin’s price has dropped more than 5% in the last seven days. Bitcoin and the rest of the market slightly rose after the inflation data was released this week but fell shortly after due to profit-taking. This led to Bitcoin losing its critical $60,000 support, causing Bitcoin’s price to trade at $58,408 at the time of writing.
Aiming to rise from the $58,200 Bitcoin support, Bitcoin could reclaim $60,000 as support. However, if this does not happen and the decline continues, Bitcoin could lose the $57,000 support, with the next critical support at $54,500.
Ethereum Chart Analysis
Ethereum’s price failed to recover, rising by 11.75% and currently trading at $2,618. The altcoin king failed to break above the $2,681 resistance despite surpassing it twice last week.
There is a possibility of a price drop in Ethereum, but it may not fall below $2,400. The next significant support level is $2,344, but the altcoin may stay close to the $2,681 resistance level. However, if bearish signals dominate the market and Ethereum records a decline, it could test the $2,344 support, invalidating the bullish thesis.
XRP Chart Analysis
XRP’s price did not follow the path set by Bitcoin and Ethereum; instead, it charted its own course. Currently trading at $0,568, the altcoin lost the support of the 38.2% Fibonacci Retracement line at $0,587. The crypto asset is now looking at a potential drop to the 23.6% Fibonacci line at $0,524. Known as the bear market support base, this level could prevent further declines and help XRP recover.
However, if XRP falls below this level, it will show a significant bearish trend. In addition to dropping to $0.50 or lower, the altcoin will also invalidate its recovery chances.
