|

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin falls below $55,000 level

  • Bitcoin fell below $56,552 on Sunday, breaking the market structure and prompting a bearish outlook.
  • Ethereum revisits the $2,817 support level, a close below it would indicate a bearish move.
  • Ripple price finds support around the weekly support level of $0.413, breaking below signals a bearish move.

Bitcoin (BTC) dropped below $56,552 on Sunday, disrupting market structure and signaling a bearish outlook. Ethereum (ETH) and Ripple (XRP) also revisited their support levels, slipping below critical thresholds, indicating a possible downtrend for these assets in the days ahead.

Bitcoin price shows potential for a downward move 

Bitcoin's price encountered resistance at the weekly resistance level of $58,375 on Saturday, resulting in a 4% decline the next day. By Sunday's close, it had fallen below the low of $56,552 from May 1 and traded around $54,900, 1.65% down on Monday. 

If BTC's weekly support at $58,375 acts as a resistance, it could decline 5% to revisit its daily support at $52,266.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Bitcoin price. 

Additionally, if the bears are aggressive and the overall crypto market outlook is negative, BTC could extend an additional decline of 3.3% to retest its February 23 low of $50,521.

BTC/USDT daily chart

BTC/USDT daily chart

However, if BTC closes above the $58,375 weekly resistance level and forms a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 9.7% rise in Bitcoin's price to revisit its next daily resistance at $63,956.

Ethereum price is poised to decline shortly

Ethereum's price retested the May 1 low of $2,817 on Friday, bouncing 3.35% on Saturday. 

However, this Sunday, it fell 4.5%, and at the time of writing, it is again revisiting that low.

If ETH's price closes below its May 1 low of $2,817, it could decline 6.5% to revisit its daily support at $2,621.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Ethereum price.

However, if  ETH's price closes below $2,621, it could extend an additional decline of 9.5% to retest its next daily support at $2,376.

ETH/USDT daily chart

ETH/USDT daily chart

On the other hand, if Ethereum's daily candlestick price closes above $3,524, forming a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 5.6% rise in Ethereum's price to revisit its high of June 9 at $3,717.

Ripple price outlook suggests a downward trajectory

Ripple price finds support around the weekly level of $0.413.At the time of writing, it trades 1% down at $0.414.

If XRP’s daily closes below  $0.413, it could crash 15% to revisit its March 12, 2023 low of $0.347.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Ripple price. 

XRP/USDT daily chart

XRP/USDT daily chart

Conversely, if the Ripple price daily candlestick closes above $0.499 and forms a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 6% rise in Ripple's price to revisit its high of June 5 at $0.532.

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

More from Manish Chhetri
Share:

Editor's Picks

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

Ripple bulls build new support base amid RLUSD payments expansion

Ripple ticks up for the second day in a row on Friday, trading at $1.34. The remittance token holds above medium-term structural support; however, strong supply near $1.40 caps upside. A break above this area would reinforce the bullish grip.

Busy week for Ripple’s RLUSD: What changes for stablecoin holders?

Ripple’s RLUSD is gaining ground across institutional finance, with a major bank launching custody services, a new wallet integration making it easier for developers to build payments and agentic experiences on the network, and a brokerage platform planning to use the stablecoin for settlement.

Bitcoin Weekly Forecast: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin extends its correction this week, trading below $82,500 on Friday, as selling pressure continues. Hotter-than-expected US CPI and PPI data point to broader inflation pressures and persistent geopolitical uncertainty, weighing on risk sentiment.

Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.