The cryptocurrency market is experiencing pressure this week ahead of the impending Bitcoin halving which is right around the corner. Historical analysis of past halving events indicates that such a downward correction is customary before the halving of block rewards.
Throughout the week, the cryptocurrency market capitalization has dwindled from $2.64 trillion to $2.24 trillion. Over the span of seven days, Bitcoin has plummeted by over 13%, Ripple by 20%, Ethereum by 17%, and Litecoin by 18%.
Bitcoin
Bitcoin has dipped to $60,000 per coin but has thus far managed to maintain its position above this psychological level. However, if it is broken out after all, the primary cryptocurrency may continue its descent towards the support at 57,686.
Alternatively, a technical rebound to the resistance level of 64,728 is likely.
Ripple
Ripple has experienced a sharp decline, slipping below the 0.5089 level and currently consolidating beneath it. The immediate downside target for XRP/USD is set at the 0.4336 level, with an alternate scenario involving a recovery towards the 0.5865 level.
Ethereum
Ethereum has followed suit with the leading cryptocurrency's decline, touching the support level of 2927.91. From here, a potential rebound to the nearest resistance at 3293.59 or a descent to the subsequent support at 2780.86 is on the horizon.
Litecoin
Following its decline, Litecoin has found support at the dotted level of 76.95. Currently, the LTC/USD price is consolidating between this support and the resistance at 81.76. An exit from this range may lead the pair toward the next southern level at 57.91, while consolidation above 81.76 could pave the way for further growth toward the target of 88.12.
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