The cryptocurrency market witnessed a modest recovery this week, coinciding with the impending Bitcoin halving expected later this month, which has the potential to significantly influence the main cryptocurrency's price.
Throughout the week, the total market capitalization of cryptocurrencies rose from $2.51 trillion to $2.64 trillion. Over the course of seven days, Bitcoin and Ripple saw increases of more than 5%, Ethereum surged by over 7%, while Litecoin experienced a slight decline of 1%.
Bitcoin
After bouncing back from recent setbacks, Bitcoin approached near its all-time high this week. Currently, the primary cryptocurrency is striving to establish a foothold above the $68,976 level. Should it maintain levels above $70,000 per coin, the next target is anticipated around $73,000 per coin.
Analysis of the daily chart reveals the emergence of an ascending triangle pattern, indicating potential technical conditions for an upward breakout and a new Bitcoin historical high.
Ripple
Ripple's volatility has subdued, with prices maintaining above the support range between 0.5865 and 0.6729. However, a series of lower highs suggests a potential breakout of the 0.5865 level, possibly leading XRP/USD prices downward toward the 0.5089 support.
Ethereum
Ethereum's price has yet to consolidate above the 3586.13 level. In this context, a retracement to the 3293.59 support is likely. Alternatively, consolidation above this week's highs could pave the way for Ethereum's ascent towards the target, whereas consolidation below might drive it towards the 3992.43 level.
Litecoin
Struggling to consolidate above the 102.30 level, Litecoin might see a reversal below this horizontal, potentially leading to a decline toward the 88.12 support level. However, there is enough room to reach this point.
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