Bitcoin is struggling around the $60,000 level

• Bitcoin price looks set for a decline as it tests the crucial resistance level around $62,000.
• Ethereum price is at risk to the downside after encountering a significant resistance barrier around $2,843.
• Ripple price retests daily level at $0.544; failure to maintain this support could lead to a decline.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) each met resistance at key levels and fell on Sunday. Technical analysis and current market conditions suggest that the overall bearish trends of these cryptocurrencies are likely to continue in the coming days.

Bitcoin faces a potential downside as it tests the key resistance level of $62,000

Bitcoin price has been repeatedly tested and rejected by the 61.8% Fibonacci retracement level of $62,066 (drawn from the July 29 swing high of $70,079 to Monday’s low of $49,101). On Monday, it traded slightly lower by 0.3% at $58,564.

If the $62,066 level holds as resistance, aligning with the broken trendline and 100-day EMA at around $63,021, selling pressure may increase.

Failure to break above $62,066 could lead to a 19% decline, possibly retaking the daily support level of $49,917.

The Relative Strength Index (RSI) indicator and the Awesome Oscillator (AO) on the daily chart are trading below the neutral levels of 50 and zero. These momentum indicators strongly point to bearish dominance.

BTC/USDT Daily Chart

Conversely, if Bitcoin closes above the August 2 high of $65,596, it would set a higher high on the daily chart, which could lead to a 6% rise in its price to challenge the weekly resistance at 69,648 USD.

Ethereum price risks falling after facing a key resistance barrier

Ethereum is facing resistance around the 50% retracement level of $2,843, derived from the swing high of $3,562 on July 22 and the low of $2,124 on August 5. This level closely coincides with the daily resistance at $2,927. After a rebound last week after finding support from weekly support at $2,118 on August 5, Ethereum is currently trading slightly lower at $2,537, down 0.7% since Monday.

If Ethereum price fails to break above the $2,843 level, it could drop 25% to test its weekly support at $2,118.

This bearish thesis is supported by the RSI and AO dailies, which dropped below their neutral thresholds of 50 and zero, respectively, signaling bearish dominance.

ETH/USDT Daily Chart

Conversely, if Ethereum price closes above the July 29 high of $3,396, it will set a higher high on the daily chart, which may lead to a 5% rally to revise the July 22 high of $3,562.

Ripple price could fall deeper if a break below key daily support occurs

Ripple price faced rejection at the daily resistance level of $0.643 on August 8, resulting in a 10.35% decline over the next three days. Since Monday, it has found support around $0.544 and is trading slightly higher by 1.45% at $0.560.

If XRP breaks below the daily level of $0.544, it could continue to decline by 10% to retest the August 7 low at $0.492.

The daily RSI chart has broken below its neutral level of 50 and the AO is about to do the same. If both momentum indicators fall below their neutral levels, this will strengthen the bearish trend.

XRP/USDT Daily Chart

Conversely, if Ripple price closes above the daily resistance level of $0.643, it would change the structure of the market by forming a higher high on the daily chart, potentially leading a 12% rally towards the next daily resistance level at $0.724.