Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP rebound after recent downside pressure
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) begin the week with a modest recovery on Monday after last week’s massive correction. These top three cryptocurrencies are holding above their key support levels, suggesting recovery continuation. However, broader market sentiment remains fragile, and any upside could face near-term resistance.
Bitcoin recovers slightly after a massive correction
Bitcoin price faced rejection at $106,453 on November 11 and has declined more than 20% over the past 12 days, reaching a low of $80,600 last Friday. BTC managed a mild rebound over the weekend, closing above $86,830 on Sunday. At the time of writing on Monday, BTC is recovering, trading above $87,700.
If BTC continues its recovery, it could extend the rally toward the next key resistance at $90,000.
On the other hand, if BTC faces a correction, it could extend the decline toward the key psychological level at $80,000.
Ethereum rebounds after retesting the key support zone
Ethereum price faced rejection at the previously broken trendline on November 13 and declined more than 18% over the following 8 days, reaching a low of $2,623 on Friday. ETH saw a mild weekend rebound, finding support near the 61.8% Fibonacci retracement level at $2,749. At the time of writing on Monday, ETH is recovering, trading above $2,840.
Source: Fxstreet
