The cryptocurrency market experienced a slight dip following last week's surge triggered by the approval of spot Bitcoin ETFs. The overall crypto market capitalization decreased from $1.77 trillion to $1.64 trillion within the week.
Bitcoin witnessed a loss of over 10%, while Ripple and Litecoin both declined by nearly 8%, and Ethereum saw a 5% drop.
Bitcoin
Bitcoin retraced all gains from the previous week, slipping below the support at 44,488 marked with dotted lines. The primary cryptocurrency is currently trading at $41,000 per coin, having room to move toward support at $39,570.
Ripple
Ripple continues its downward trend, dropping below the 0.5865 level. With this, XRP/USD has a potential downward path to the next horizontal level at 0.5089, which, considering the channel boundaries, may also be broken out.
Ethereum
In the course of the decline, Ethereum reached support at 2456.85. If this horizontal level holds, the second-largest cryptocurrency could rebound toward the resistance at 2780.86. Alternatively, there is a possibility of further descent to the support at 2132.83.
Litecoin
Litecoin is currently trading within the range of 57.91 to 81.76, approaching January lows. There's potential for a local recovery to last week's highs from this point, or LTCUSD may descend to the support at 57.91.
151
