The cryptocurrency market faces ongoing pressure this week as the anticipated Bitcoin halving in April draws nearer, leading to a halving of the reward for mined blocks. Throughout the week, the crypto market's capitalization dipped from $2.66 trillion to $2.51 trillion.
Bitcoin and Ripple saw approximately a 5% decrease, Ethereum over 6%, while Litecoin emerged as the growth leader with over a 7% increase.
Bitcoin
Bitcoin retreated to the support at 64,728 but managed to hold above it. Currently, there's potential for upward movement towards the nearest resistance at 68,976. Should the price manage to overcome it, this could propel Bitcoin's price back to its historical peak of $73,000 per coin.
Alternatively, consolidation below 64,728 might lead to a decline towards $60,000 per coin.
Ripple
Ripple is testing the support of the range between 0.5865 and 0.6729. A bounce from 0.5865 could signal an upward turn for XRP/USD. However, if this horizontal level fails, this may push the price further down towards 0.5089.
Ethereum
Ethereum is attempting to maintain above the support of the sideways range between 3293.59 and 3586.13. Amidst this, ETH/USD is at a critical juncture, potentially rebounding towards 3586.13 or breaking out the support at 3293.59 and consolidating below it, paving the way for a decline to 2927.91.
Litecoin
Litecoin aims to consolidate above the 102.30 level but remains undecided. The LTC/USD price may either continue growing towards the target of 115.00, or return within the range between 88.12 and 102.30.
151