Bitcoin, Ethereum, XRP Weekly Wrap – October 4, 2024
2024-10-05

Bitcoin BTCUSD, along with Ethereum ETHUSD and XRP, witnessed a rough week as the macro-financial conditions remained bleak. Nevertheless, each of the three assets is close to reclaiming a key support level.
BeInCrypto has analyzed the big three cryptocurrencies and what investors should be expecting from them in the coming week.
Bitcoin Weekly Wrap: Price Holds On
Bitcoin’s price saw a near 6% decline over the past week, with the weekend preventing a larger drawdown. Currently, BTC is trading at $61,334 and is attempting to flip $61,868 into a support level. Breaking this resistance is critical for Bitcoin to regain momentum.
Successfully flipping $61,868 into support could help Bitcoin recover the recent losses. This move could push the price beyond $65,000, setting the stage to breach the resistance at $65,292, a key level for further upside.
However, the bullish outlook will be invalidated if Bitcoin fails to break past $61,868. This strong resistance, if unbroken, could lead to a drop toward $60,000, exacerbating the downward pressure.
Ethereum Looks For Support
Ethereum’s price dropped more significantly than Bitcoin, experiencing a 9.6% decline over the past week. This drawdown brought ETH to $2,378 after bouncing off a crucial support level of $2,313. Traders are closely watching Ethereum’s next move amid this volatility.
Ethereum is now targeting a flip of the 23.6% Fibonacci Retracement level into support. Known as the bear market support floor, achieving this could provide Ethereum with the momentum it needs for a potential recovery in the coming days.
Nevertheless, if bearish signals intensify, Ethereum could face further selling pressure. A fall below $2,313 would invalidate the current bullish outlook, potentially pushing ETH down to $2,223.
XRP Is Relatively Safer
XRP price suffered the most among the major cryptocurrencies, plunging by 18% over the last four days. However, the altcoin managed to avoid slipping below the critical 38.2% Fibonacci line at $0.52, signaling some potential for recovery.
A bounce off this support level could push XRP toward the 50% Fibonacci line at $0.55. Breaching this key level would be essential for XRP to regain momentum and recover from its recent losses.
However, if XRP fails to flip $0.55 into support, it could enter a period of consolidation with $0.52 as the lower limit. This would invalidate the bullish outlook and delay further recovery efforts.