Bitcoin (BTC) Price Rally Threatened by ‘Death-Cross’: What’s Ahead for Ethereum (ETH) & XRP Prices
The cryptocurrency market has taken a bearish turn as August trading commenced, reminiscent of the downward trend seen in July. Bitcoin, the leading digital asset, slipped below the $64,000 mark, causing other altcoins to experience pullbacks ranging from 4% to 6% during the early trading sessions. With the market dynamics indicating a southerly shift in the mid-quarter trade, observers are keenly watching for the next price movements.
Bitcoin’s price trajectory has been on a downward trend since failing to hold the critical $70,000 resistance level a few days prior. The current scenario suggests that the digital currency may face further declines, potentially breaching the support levels at $63,000 and paving the way for a drop to $60,000 or lower. The 50-day Moving Average (MA) is showing signs of a bearish crossover with the 200-day MA, known as the Death Cross, which could push prices towards the $60,000 threshold or even lower unless the bulls can sustain levels above $63,880.
Ethereum, the second-largest cryptocurrency by market capitalization, is also facing downward pressure as it struggles to maintain levels above $3,300. The bearish signals emanating from the price action have raised concerns among investors, with technical indicators hinting at a potential descent towards $2,800 from the current $3,000 range. The consolidation phase Ethereum is currently experiencing mirrors the patterns observed in early June, signaling a possible further decline in the near term.
Ripple’s XRP token has managed to hold above the $0.6 mark amidst the broader bearish sentiment in the market. However, any misstep could see the price sliding below $0.56, erasing recent gains. Despite the bullish accumulation trend, indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to a potential downturn. If the bulls can defend the $0.585 level, there is a chance for a bullish reversal towards $0.66.
As the cryptocurrency market grapples with bearish pressures, investors are closely monitoring the price actions of major digital assets like Bitcoin, Ethereum, and XRP. The current market sentiment suggests a challenging period ahead, with potential price declines looming unless significant support levels are maintained. Traders and enthusiasts are advised to exercise caution and stay informed about the evolving market conditions to make well-informed investment decisions.
