Bitcoin, Ethereum, Ripple Price Analysis: Bitcoin Faces Resistance near $64,000

Bitcoin, Ethereum, and Ripple are facing resistance levels in their price movements. Bitcoin is encountering hurdles near the $64,000 mark, resulting in a 1.05% decrease in trading on Wednesday. Ethereum and Ripple are also experiencing resistance, leading to 1% and 0.5% declines, respectively.

Bitcoin’s price was turned back by the daily resistance level at $63,956 earlier this week and is currently trading down at $61,488. If Bitcoin manages to surpass the $63,956 barrier, it could potentially climb by 5% to test the next weekly resistance at $67,147. The Relative Strength Index (RSI) and the Awesome Oscillator in the daily chart are currently below their neutral levels, indicating the need for a bullish momentum to push these indicators above their respective neutral thresholds.

In a bullish scenario where Bitcoin closes above $58,375, it could trigger a 6% rally to revisit its weekly resistance at $71,280. However, a close below $58,375 might suggest a bearish sentiment, leading to a 3% decline to revisit the low of $56,522 from May 1.

Ethereum’s price faced rejection by the descending trendline and is now trading 1% lower at $3,386. Breaking above the descending trendline around $3,500 could potentially drive Ethereum’s price up by 5.5% to reach its previous high of $3,717. Similar to Bitcoin, Ethereum’s RSI and Awesome Oscillator in the daily chart are below their neutral levels, indicating the necessity for a sustained bullish trend.

If Ethereum manages to close above $3,717, it could extend its rally by 7% to reach its previous resistance level of $3,977. Conversely, a daily candlestick closure below $3,240 could indicate a market structure break, potentially leading to a 12% decline towards the previous support level of $2,862.

Ripple’s price is struggling to surpass the $0.50 level, currently trading at $0.483. Breaking above $0.50 could result in a 7% increase to $0.532, its previous high from June 5. The RSI for Ripple is below the 50 mark, signaling neutral to bearish sentiment, while the Awesome Oscillator remains below zero, indicating bearish momentum. For a sustained bullish trend, both indicators need to rise above their critical thresholds.

If Ripple closes above $0.532, it could extend its rally by 9% to $0.581. However, a daily candlestick closure below $0.450 might invalidate the bullish outlook, potentially leading to a 7% decline towards the April 13 low of $0.419.