Required containers
- Bitcoin (BTC), Ethereum (ETH), and XRP are starting the week at stable levels after last week’s decline.
- BTC is trading above $64,000 but remains below major moving averages, maintaining a broad range.
The Crypto market opens a new weekly candle with signs of stability
Bitcoin, Ethereum, and XRP are showing strength at the start of the week after falling sharply in the previous trading session.
Bitcoin fell about 4% last week, while Ethereum and XRP fell about 2% and 6%, respectively.
Despite the weakness, all three factors have stabilized, with Bitcoin trading above $64,000, Ethereum working on the important $1,700 support, and XRP connecting around $1.13.
For Bitcoin, traders keep an eye on technical indicators to determine whether the recent recovery could turn into a major rebound.
Bitcoin remains below major resistance levels
Bitcoin is currently trading around $64,000, but the broader technical outlook remains cautious. BTC continues to trade below its moving averages, the 50-day EMA: around $69,106, the 100-day EMA: around $72,123, and the 200-day EMA: around $77,748.
The fact that Bitcoin remains below all three indicators suggests that traders continue to dominate the majority of the market.
In addition to the bearish trend, BTC recently broke below the trend lines that supported the market earlier. This line, which is now acting as a resistance near $74,238, reinforces the view that Bitcoin is still in a correction phase.
Although the overall situation remains weak, some technical indicators indicate that interest rates may decrease.
The Relative Strength Index (RSI) has also risen from the bullish levels and is currently hovering above the 40 level.
This correction shows that the selling power has decreased, but the indicator remains close to the 50 mark, which means that a clear reversal has not yet been confirmed.
The Moving Average Convergence Divergence (MACD) indicator remains in positive territory, which usually supports prices.
For Bitcoin to regain strength, buyers must overcome several resistance areas, including $69,106 (50-day EMA), $72,123 (100-day EMA), and $77,748 (200-day EMA).
Moving above these levels can greatly improve the technical appearance and indicate the end of the repair process itself.
Below that, the first support area remains at $64 005. A definite break below this area could indicate Bitcoin further losses and increase the current decline.
