Bitcoin struggles below $60,000

• Bitcoin price is above the $58,700 level; a close lower would continue its bearish trend.
• Ethereum price is finding resistance around its trend retracement, with a decline ahead.
• Ripple price finds support around 200-day EMA at $0.552; a slip lower would signal a bearish move on the horizon.

Bitcoin (BTC) and Ripple (XRP) prices are hovering around their critical support level; closing below could signal a decline ahead. While Ethereum (ETH) price is finding rejection around its resistance level, eyeing a bearish move on the horizon.

Bitcoin price is set for a downleg if it falls below the $58,700 level

Bitcoin price bounced around the daily resistance level at $65,379 on Sunday, down 8% over the next three days. At the time of writing on Friday, it is hovering around the $59,306 level.

If BTC continues to decline and close below the $58,783 level, it could further decline by 4.5% to retest the daily support at $56,002.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart have dipped below their neutral levels of 50 and zero, respectively. Both indicators suggest weak momentum and an impending bear trend.

BTC/USDT Daily Chart

However, let’s assume Bitcoin price finds support at around $58,700 and closes above $62,042, its 61.8% Fibonacci retracement level (drawn from a high in late July to a low in early August) , the bear thesis will be invalidated. BTC could rise 5.5% to revise its daily resistance level at $65,379.

Ethereum price is poised for a downtrend after retesting its resistance barrier

Ethereum price retested its broken uptrend line around $2,619 on Thursday and faced resistance around it. This trend line was formed by connecting several August 7 lows. As of Friday, it continues to trade slightly lower by 0.4% at $2,516.

If the previously broken uptrend line at $2,619 continues to act as resistance, ETH could further decline by 6% to retest the August 8 low of $2,327.

The daily chart’s RSI and AO are trading below the neutral 50 and zero levels. These momentum indicators strongly point to bearish dominance.

ETH/USDT Daily Chart

If ETH breaks above the $2,619 level and closes above the daily resistance at $2,927, forming a higher high on the daily chart, this would invalidate the bearish thesis and could rise 11% to retest the weekly resistance level at $3,236 .

Ripple price is at downside risk if it falls below the 200-day EMA

Ripple price found support around the 200-day exponential moving average (EMA) at $0.552 after being rejected by its daily resistance level of $0.626 on August 24. As of Friday, it is trading up 0.4% to $0.564.
If XRP breaks below the 200-day EMA and closes below $0.544, its daily support level, it could drop 10% to retest the August 7 low of $0.492.

The RSI and AO are trading below the neutral 50 and zero levels on the daily chart. These momentum indicators strongly point to bearish dominance and imminent decline on the horizon.

XRP/USDT Daily Chart

However, if Ripple price closes above the daily resistance level of $0.626, it would change the structure of the market by creating a higher high on the daily chart, which may lead to a 5.3% increase to revise the high of 31 July of $0.658.