After a week of gains driven by a surge in applications for spot bitcoin ETFs from big asset managers, the cryptocurrency market has moved towards consolidation and is carefully correcting.
The cryptocurrency market cap has dropped from $1.18 trillion last Friday to $1.16 trillion today. In the past week, Bitcoin has gained over 1%, while Ethereum has lost over 3%, Ripple has dropped nearly 9%, and Litecoin has declined 3.5%.
Bitcoin
The resistance at $30,973 halted the advance of Bitcoin during the previous week; nonetheless, the primary cryptocurrency is still maintaining its position above the psychological level and at $30,000.
On the chart, we can see a bullish flag whose canvas the price is currently drawing in the course of consolidation. In light of this, there is the prospect that the primary cryptocurrency will experience more expansion in the future. In the event that the level of 30,973 is broken out, 34,264 will serve as the subsequent technical goal for growth.
Ripple
Ripple gave up all of its weekly gains and returned back into the range of 0.4397 to 0.4828. The price currently has enough room to move toward its lower boundary if the price is able to consolidate below its lows from June 16.
In the event that Ripple recovers and exits the current sideways trend upwards, more gains to the 0.5097 area are possible.
Ethereum
Ethereum's upward momentum was halted by resistance at 1896.78, which was followed by a pullback of the second cryptocurrency which is currently moving toward support at 1784.02.
In the event that the market continues to weaken, ETH/USD might fall to 1678.21; otherwise, the pair is likely to continue trading in the sideways range of 1784.02 to 1896.78.
Litecoin
Against the backdrop of the primary cryptocurrency’s correction, the price of Litecoin dropped to the support level located at 82.90. If this horizontal line is able to halt the price, the next potential goal for recovery will be resistance at 91.12
In the event that support at 82.90 is broken out, an alternative scenario would see the price falling to 73.43.
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