The cryptocurrency market saw growth this week, driven by Bitcoin's recovery. Market capitalization increased from $2.12 trillion to $2.31 trillion.
During this period, Bitcoin rose by 10.49%, Litecoin by 10.03%, Ripple by 6.11%, and Ethereum by 9.89%.
Bitcoin
Bitcoin has reached the resistance level within a descending channel, suggesting a potential downward reversal and medium-term decline if the trend doesn’t break.
The leading cryptocurrency is nearing the resistance of the sideways range between $64,522 and $68,976, where a reversal could occur. That being said, if the price consolidates above $68,976, BTC/USD could climb to a historic high of around $74,000 per coin.
Ripple
Ripple bounced upward from the support level within the sideways range between $0.5089 and $0.5865, maintaining room for movement toward resistance. If the price breaks out $0.5865 and consolidates above it, further growth to the next resistance at $0.6729 or the highs from September 30 is possible.
Ethereum
Following Bitcoin’s recovery, Ethereum is halfway toward the resistance of the range between $2,456.85 and $2,780.86. An alternative scenario could see a pullback to the support level at $2,456.85 within the sideways range.
Litecoin
Litecoin has stabilized above the resistance of the sideways range between $57.91 and $68.80, paving the way toward the next target level of $76.95. If LTC/USD manages to overcome this level, further growth to $81.76 is possible.
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