This week, the major cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)—experienced a downturn, with Bitcoin exhibiting a notable bearish pattern and both Ethereum and Ripple consolidating.

Bitcoin’s Bearish Trend
Bitcoin’s price action formed a bearish double-top pattern, with a peak resistance at $67,504, signaling potential declines. The price has since fallen to around $63,672, approaching a pattern target of $63,068. While a rebound is possible, which could push prices back up to support levels of $64,000 and $66,000, the prevailing trend remains bearish.

Ethereum’s Consolidation
Ethereum’s price is currently at $3,496, stuck in a consolidation phase between the Fibonacci Retracement levels of $3,669 and $3,336. This range has persisted for the last two weeks following a drop from the $3,700 support. The likelihood of Ethereum continuing in this sideways pattern over the weekend is high, with potential breakouts to either $3,800 or a decline to $3,200.

Ripple’s Static Movement
XRP’s price has also been consolidating, trading between $0.47 and $0.52. Currently at $0.49, XRP could retest $0.51 as support, aligning with the 23.6% Fibonacci level. However, without strong market cues for recovery, the price is likely to maintain this range. A move below could see XRP falling to $0.46 or lower, challenging any mildly bullish perspectives.

In summary, all three major cryptocurrencies are displaying bearish to neutral trends as they navigate through resistance levels and consolidation phases. The market’s next moves will hinge on whether these cryptocurrencies can overcome their respective resistance levels or if bearish pressures will continue to dominate.