Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to fluctuate within accumulation zones on Friday, reflecting the overall picture of the cryptocurrency market being quite subdued and lacking clear momentum for a breakout. BTC has experienced a rebound from a key support zone, ETH has gradually retreated toward the lower accumulation boundary, while XRP remains steadfast above the lower trendline. However, with the upward momentum of the three largest market cap cryptocurrencies still weak, current price movements lean more toward a correction scenario.
Bitcoin rebounds after testing the key support zone
Since February 7, Bitcoin’s price has maintained a narrow accumulation range between $65,729 and $71,746. At the start of the week, BTC faced significant selling pressure as prices continued to weaken in the first half of the week. By Thursday, the market saw a slight recovery after Bitcoin successfully retested the bottom of the accumulation range at $65,729. As of writing on Friday, BTC is trading around $67,200.
In a negative scenario, if Bitcoin closes below the support level of $65,729 on the daily timeframe, the downward trend is likely to extend, with the next key support zone around $60,000.
Daily BTC/USDT chart | Source: TradingView
Technically, the Relative Strength Index (RSI) on the daily chart is at 35, significantly below the neutral 50 level and continues to head into oversold territory, indicating increasing bearish momentum. However, the MACD indicator has formed a bullish crossover since Sunday, and this signal remains valid, suggesting that the medium-term upward trend has not been completely broken.
Conversely, if BTC can hold steady and find buying support around the lower accumulation zone of $65,729, the price could resume its recovery, aiming to test the resistance area above at $71,746.
Ethereum may extend the correction if it closes below the lower accumulation zone
Ethereum’s price faced strong resistance at the upper accumulation zone near $2,149 on Sunday, resulting in a 5.75% drop in a single day. Moving into this week, ETH continued a slight correction, and as of Friday, the price has gradually retreated toward the lower boundary of the accumulation zone.
In a negative scenario, if ETH closes below $1,747 on the daily timeframe, the downward trend is likely to continue, with the next important support at $1,669.
Daily ETH/USDT chart | Source: TradingView
From a technical perspective, similar to Bitcoin, Ethereum’s RSI indicates increasing selling pressure. However, the MACD has formed a bullish crossover since Saturday and remains valid, implying that the overall upward trend has not been entirely broken.
On the other hand, if buying interest returns and ETH successfully recovers, the price could continue its upward movement, aiming to retest the upper accumulation zone near $2,149.
XRP finds support around the lower trendline
XRP broke above the lower trendline of the descending wedge pattern on Saturday. The following day, the price experienced a slight correction but quickly found support around this very zone. Throughout the week, XRP remained sideways and stable around the broken trendline. As of Friday, XRP is trading at $1.42.
In a negative scenario, if XRP weakens and closes below the lower trendline, selling pressure could increase, pushing the price back toward the important weekly support zone around $1.30.
Daily XRP/USDT chart | Source: TradingView
Similar to Bitcoin and Ethereum, XRP’s momentum indicators currently send mixed signals. The RSI shows signs of increasing selling pressure, while the MACD still maintains a bullish signal, indicating that the potential for upward momentum has not completely disappeared.
Conversely, if the lower trendline continues to act as a strong support, XRP could extend its recovery and move toward the 50-day exponential moving average (EMA) around $1.68.
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