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- As Bitcoin approaches the 100-day EMA of $28,344, the bearish forecast suggests a possible retest of the $27,500 level.
- Ripple's XRP has the potential to start an uptrend at $0.70 after accumulating enough liquidity.
Bitcoin and the broader cryptocurrency market is under heavy selling pressure ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday, July 26.
Earlier today, BTC price dropped to $29,000, missing key support at $29,872. Bitcoin movement recently saw the 50-day exponential moving average (EMA) at $29,363 as resistance (shown in red). As Bitcoin approaches the 100-day EMA of $28,344 (in green), the bearish forecast suggests a possible retest of the $27,500 level.
The negative outlook is bleak, especially considering the upcoming FOMC report, a major economic event that could affect the bitcoin price if it goes as expected. In the past, when the Federal Reserve (Fed) signaled weakness in the US dollar (USD), Bitcoin and the dollar often moved in opposite directions.
This time around, the Fed meeting may still have an impact on Bitcoin, although it has had less of an impact recently. If Bitcoin misses the key support at $29,000, it could suffer further losses and potentially reach the $27,500 support level. This can lead to a 5% reduction in the current price.
Relative Strength Index (RSI) and Awesome Oscillator (AO) slow down, which is considered a positive sign. Investors looking for fresh entries can wait for the $27,500 support level.
Ethereum price drops, XRP withdrawal possible
Ethereum (ETH) is facing problems as sellers become more active. ETH price dipped below the 200-day EMA at $1,883 on the four-hour chart. This selling pressure saw ETH hit the key support level of $1,824, which has been significant for several months. If the $1,824 support is broken, the price of Ethereum could fall 7% to around $1,720 or below, and reach the psychological support of $1,640.
Ripple's XRP, on the other hand, suffered a partial decline to $0.70 after a sustained price rally over the past week. Ripple price (XRP) dropped below the $0.711 support level. This appears to be a deliberate move to pique buyer interest after the volatility following the July 13 rally. Once liquidity builds, the market tends to stabilize for several days before the asset returns to the general trend.
As a result, Ripple's price has the potential to bounce back and stay within a certain range. However, if the market is very bullish, XRP could go even higher by breaking the $0.823 resistance level. This would represent a significant 20% increase over current levels.
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