Key takeaways
- Bitcoin (BTC), Ethereum (ETH), and XRP start the week on a more stable footing after last week’s declines.
- BTC is trading above $64,000 but remains below the key moving averages, keeping the broader trend bearish.
Cryptocurrency market opens a new weekly candle with signs of stability
Bitcoin, Ethereum and XRP are showing resilience at the start of the week after seeing notable declines during the previous trading period.
Bitcoin fell about 4% last week, while Ethereum and XRP fell about 2% and 6%, respectively.
Despite the weakness, all three assets stabilized, with Bitcoin trading above $64,000, Ethereum holding the critical $1,700 support level, and XRP consolidating near $1.13.
For Bitcoin, traders are closely monitoring technical indicators for clues as to whether the recent rebound could develop into a broader recovery.
Bitcoin remains below key resistance levels
Bitcoin is currently trading at around $64,000, but the broader technical outlook remains cautious. BTC continues to trade below its major moving averages, 50-day EMA: around $69,106, 100-day EMA: around $72,123, and 200-day EMA: around $77,748.
The fact that Bitcoin remains below the three indicators suggests that sellers still maintain control of the broader trend.
Adding to the bearish outlook, Bitcoin recently broke below the uptrend line that previously supported the market. This trend line is now acting as resistance near $74,238, reinforcing the view that Bitcoin is still in a corrective phase.
Although the overall trend remains weak, some technical indicators suggest that the downward momentum may be slowing.
The Relative Strength Index (RSI) has recovered from oversold levels and is currently hovering in the high 40 range.
This improvement indicates that selling pressure has subsided, but the indicator is still around the neutral 50 mark, meaning a clear bullish reversal has not yet been confirmed.
The Moving Average Convergence Divergence (MACD) remains in positive territory, which is generally supportive of prices.
For Bitcoin to regain upward momentum, buyers must overcome several resistance areas, including $69,106 (50-day EMA), $72,123 (100-day EMA), and $77,748 (200-day EMA).
A move above these levels would significantly improve the technical outlook and perhaps signal the end of the current correction.
On the downside, the first major support level remains at $64,005. A decisive break below this area could expose Bitcoin to further losses and extend the current downtrend.
