Bitcoin, Ethereum, Ripple Price Analysis: BTC struggles below $65K as FOMC meeting looms
Bitcoin price may experience a 12% drop to the weekly imbalance zone before reaching its all-time high. Ethereum price is expected to drop by 10% before becoming attractive for buyers. Ripple price could continue to fall due to a bearish divergence and hidden continuation pattern. Market volatility has increased ahead of the Federal Reserve’s interest rate decision.
Bitcoin (BTC) price fell below $65,000, dragging down Ethereum (ETH) and Ripple (XRP) prices with it. The market is experiencing increased volatility as investors await the Federal Open Market Committee (FOMC) policy meeting on Wednesday.
Despite this, expectations of an interest rate pause and no further hikes suggest a potential rally in Bitcoin and altcoins. An accommodative stance by the Fed towards the economy could boost risk appetite among investors, which would be positive for the cryptocurrency market.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency designed to be used as a form of money, independent of any centralized control. Altcoins refer to any cryptocurrency other than Bitcoin, with some considering Ethereum as a non-altcoin due to its forking relationship with Bitcoin. Stablecoins are cryptocurrencies with a stable value, usually pegged to a commodity or financial instrument like the US Dollar (USD).
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies, providing insight into investor interest in Bitcoin. High BTC dominance is associated with bull markets, while a drop in dominance suggests a shift towards altcoins.
Bitcoin price may drop 12% to the weekly imbalance area
Bitcoin price has formed a Head-and-Shoulders pattern on the daily chart, indicating a potential 12% drop if the pattern plays out. The RSI and Awesome Oscillator (AO) readings suggest a bearish bias, with BTC potentially falling to the weekly imbalance zone between $52,985 and $59,005.
If bulls manage to turn the pattern’s neckline into support, Bitcoin price could rise above $69,000.
Ethereum price targets a 10% drop
Ethereum price has dropped below the critical Fibonacci level of 61.8% at $3,365, with potential further decline to $3,137. With RSI and AO indicators signaling bearish momentum, Ethereum could see a 10% drop before becoming attractive for buyers.
If bulls increase buying pressure, Ethereum price could rise above the 78.6% Fibonacci level at $3,691.
XRP price could drop due to bearish divergence
Ripple price has shown a bearish divergence, signaling weakening momentum and a potential downtrend. Selling pressure could push XRP price below support levels to around $0.5500, representing an 11% drop.
On the upside, overcoming resistance levels could lead to a significant rise in XRP price.
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