The banking turmoil in the United States which started last week has also affected the volatility of the cryptocurrency market. Bitcoin reached its nine-month high. This was chiefly caused by a wave of short position liquidation.
Amid these recent developments, the cryptocurrency market capitalization has increased from $994 billion to $1.079 trillion over the week. In the course of seven days, Bitcoin has gone up by almost 15%, Ethereum has gained over 8%, Ripple has lost about 8%, and Litecoin has dropped by almost 6%.
During the upward rally, Bitcoin jumped above the resistance level at 25,201, yet failed to consolidate above this level and is now consolidating lower. Local support for BTC/USD remains at the mirror horizontal line at 23,830.
If the key cryptocurrency breaks out the 23,830 - 25,201 sideways trend upwards, the resistance at 28,791 will serve as the next target for medium-term growth. If the price exits the sideways trend downward, the price may return to the support at 22,557.
Ripple is trading near the support at 0.3532 this week. At the same time, the current resistance level remains at 0.3735.
If the current support fails to hold ground and the price goes below it, the next target will be 0.3339.
At the current week’s peak, Ethereum hit the resistance at 1784.02; however, it failed to consolidate above it and pulled back below 1678.21.
The current support for ETH/USD is 1606.16, an upper green dotted line. If it is unable to hold the ground and the price consolidates lower, the second cryptocurrency may fall to the next target at 1484.77.
Litecoin is trading at the bottom of the sideways range of 73.43 - 82.90. Its support has not been reached, as the local price recovery started earlier.
If LTC/USD is unable to overcome the intermediate resistance level at 79.43 marked with green dotted lines, the quotes may head toward support at 73.43, possibly putting its strength to the test.