The cryptocurrency market continues to face downward pressure, with its capitalization dropping from $2.11 trillion to $1.99 trillion over the past week.
During this period, Bitcoin declined by 4.98%, Litecoin fell by 5.48%, Ripple decreased by 4.31%, and Ethereum slid by 6.07%.
Bitcoin
Bitcoin is currently in a mild downward trend, having moved within the sideways range between 57,686 and 64,522 and now testing its support level.
If Bitcoin consolidates below 57,686, it could open the path for BTC/USD to reach the next support level at 52,880. Alternatively, the price may rebound within the range between 57,686 and 64,522.
Ripple
Ripple continues its gradual decline from the 0.5865 level, with XRP/USD now having enough room to move toward support to 0.5089.
An alternative scenario could see a bounce back to 0.5865 and consolidation above it, potentially allowing Ripple to resume its recovery toward resistance at 0.6729.
Ethereum
Ethereum has dropped out of the sideways range between 2456.85 and 2780.86. A consolidation below 2456.85 could pave the way for the second-largest cryptocurrency to test support at 2132.83.
However, there’s a possibility that the breakout of 2456.85 might turn out to be false. In that case, ETH/USD could return to the range between 2456.85 and 2780.86 and begin to recover.
Litecoin
Litecoin has reached the resistance level within the sideways range between 57.91 and 68.80 during its recovery. A breakout and consolidation above this range would open the path for LTC/USD to target 76.95.
Otherwise, the price might reverse within the corridor between 57.91 and 68.80 and retrace back to its support level.
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