Bitcoin price seems poised for a decline as it tests the crucial resistance level around $62,000.
Ethereum price is at risk of a decline after encountering a significant resistance barrier around $2,843.
Ripple price retests the daily level at $0.544; failure to maintain this support could result in a decline.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) each encountered resistance at key levels and declined on Sunday. Technical analysis and current market conditions suggest that these cryptocurrencies' overall downward trends are likely to continue in the coming days.
Bitcoin faces potential decline as it tests key $62,000 resistance level
Bitcoin's price was repeatedly tested and rejected by the 61.8% Fibonacci retracement level of $62,066 (drawn from the swing high of $70,079 on July 29 to Monday's low of $49,101). On Monday, it trades slightly lower by 0.3% at $58,564.
If the $62,066 level holds as resistance, aligning with the broken trendline and the 100-day Exponential Moving Average at approximately $63,021, selling pressure may rise.
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