Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Encounters Resistance Near $65,000
Bitcoin, Ethereum, and Ripple prices have faced resistance at key levels, signaling potential pullbacks and opportunities for traders. Bitcoin (BTC) and Ethereum (ETH) encountered rejection near $65,000 and $3,530, respectively. Ripple (XRP) might see a pause near the 61.8% Fibonacci retracement level at $0.480 before continuing its upward trend.
Bitcoin’s price hit a daily resistance level of $64,913, resulting in a 2% decline over two days. Currently trading at $63,819, BTC faces a critical zone of resistance near $64,921, the 61.8% Fibonacci retracement level. Traders eye support levels at $59,200 and $57,800, with a potential 9% rise if BTC bounces off $59,200. Strong bullish sentiment is indicated by the Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart.
Ethereum’s price encountered a barrier at $3,530, aligning with the 61.8% Fibonacci retracement level. Trading at $3,415, ETH could see an 8.6% increase if it holds above $3,240. The RSI and AO on the daily chart suggest a positive momentum for ETH, with a possible 5.3% rally if it closes above $3,524.
Ripple’s price broke above the daily resistance at $0.499 and surged 20% before a 3% decline to $0.548. Traders consider $0.480 as a potential entry point, with a 33% rally if XRP rebounds from this level. The RSI and AO indicators on the daily chart point to bullish dominance for Ripple.
However, a close below key support levels for Bitcoin, Ethereum, and Ripple could indicate bearish sentiment, potentially leading to price declines. For Bitcoin, a close below $56,405 might trigger a 7.5% drop. Ethereum could see a 7% decline if it closes below $2,808, while Ripple might face a 16% decrease if it drops below $0.413.
Overall, the cryptocurrency market remains dynamic, with price movements influenced by technical levels and market sentiment. Traders are advised to monitor key support and resistance levels closely to capitalize on potential trading opportunities as the market continues to evolve.
