- Bitcoin price momentum slows down as it faces trouble crossing the $24,565 resistance level.
- Ethereum price reverses after failing to go over the $1,730 hurdle, hitting a retracement.
- Ripple price has sliced through the $0.381 blockade, but failing to sustain below it could result in a correction.
Bitcoin price shows signs of exhaustion after retesting a major hurdle. This development could result in a correction if bulls can't make a comeback. Ethereum price, despite the Merge narrative, remains correlated to BTC and could tumble if the big crypto does. Ripple price will promptly follow the two largest cryptos should they collapse.
Bitcoin price and trend reversal
Bitcoin price has been rising and falling in channels since January 2022. Each time an ascending corrective channel has stalled and broken down it has led to an immense crash. The leg-ups have always consolidated around the point of control (POC), aka the highest traded level.
As of now, the volume profile shows that the POC is at $21,128. Hence, investors can expect a sudden spike in selling pressure at this level to push BTC down. A breakdown of this level places the big crypto at the mercy of an inflection point, which extends from $19,000 to $20,000.
If this support area also breaks down, investors can expect another flash crash that could push Bitcoin price anywhere from $13,000 to $12,000.
BTC/USD 1-day chart
While things are looking slow for Bitcoin price, a bounce off the confluence of the 200-week SMA and the 30-day EMA at roughly $22,700 could give buyers a chance to make a comeback. If BTC produces a daily candlestick close above $24,565 and flips this level into a support floor, the bearish thesis will face invalidation.
