The cryptocurrency market has been on a decline this week, with market capitalization dropping from $2.15 trillion to $2.11 trillion.
Over this period, Bitcoin decreased by 2.03%, Litecoin fell by 1.55%, Ripple declined by 4.74%, and Ethereum slipped by 3.36%.
Bitcoin
Bitcoin has faced downward pressure this week, struggling to break through the resistance range between 57,686 and 64,522 and has since retreated to its support level.
Technically, BTC/USD could either bounce back from the 57,686 level and recover within the current range or break out this support and consolidate below it. If the latter occurs, the decline could extend to 52,880.
Ripple
Ripple was unable to maintain its position above 0.5865, leading to a downward retreat. This development paves the way for XRP/USD to potentially decline to the 0.5089 support level if the price consolidates below Wednesday’s session lows.
Alternatively, a rebound to 0.5865 with consolidation above it could enable Ripple to continue its recovery toward the 0.6729 resistance level.
Ethereum
Ethereum continues to trade within the range between 2456.85 and 2780.86. If the support level holds, the price could recover within this range. However, if the 2456.85 level is broken out and the price consolidates below it, the next downside target will be 2132.83.
Litecoin
Litecoin has reversed from the resistance of the sideways range between 57.91 and 68.80 and is gradually moving towards its support. A potential upward reversal and recovery within this range could occur at the 57.91 level, or a breakout and consolidation below it. In the latter scenario, the next downside target would be 49.12.
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