The cryptocurrency market is cautiously rebounding following the recent halving event. Bitcoin underwent its fourth halving last Saturday, resulting in a halving of miners' block rewards.
Throughout the week, the crypto market's capitalization saw a slight increase from $2.24 trillion to $2.36 trillion. Bitcoin and Litecoin both saw gains of over 3%, Ripple surged by more than 8%, and Ethereum experienced an almost 5% growth.
Bitcoin
Bitcoin is currently trading above the psychological level of $60,000 per coin but has yet to establish a clear position around the $64,728 horizontal line.
If it consolidates below this line, the price could drop back to $60,000. However, a move back into the range between $64,728 and $68,976 could signal a recovery.
Ripple
Ripple has been trading in the range between 0.5089 and 0.5865 this week. Despite an initial rise, all gains were lost by Thursday.
XRP/USD has a small room for movement towards the support at 0.5089, with a potential upward reversal toward 0.5865. Alternatively, a decline towards the next support level at 0.4336 is possible.
Ethereum
Ethereum saw an increase, reaching the resistance range between 2927.91 and 3293.59 before turning downwards. In the event of a continued market decline, the pair has enough room to move toward its support. Conversely, if it breaks out the 3293.59 level and consolidates above it, the next target for growth would be the resistance at 3586.13.
Litecoin
Litecoin traded between 81.76 and 88.12 this week, with a dip to its support level on Thursday. If this support holds, a sideways recovery is possible. That being said, if it breaks out the 81.76 level and consolidates below it, further downward movement toward the level of 76.95 may occur.
151