The cryptocurrency industry registered notable volatility last week following several high-impact news from the United States Federal Reserve and the Bank of Japan on inflation and interest rates. The heightened crypto volatility resulted in more than $ billion of heavy liquidations.
Bitcoin (BTC) price opened the week trading above $68,300, dropped as low as $60,700, and closed the week trading at $67,158. A similar weekly hammer recorded on Bitcoin’s USD derivative was replicated among most of the altcoins led by Ethereum (ETH).
Crypto Price Targets for This Week
Bitcoin (BTC) Price
Although Bitcoin dominance has flashed an inevitable reversal in the short term, Bitcoin price is likely to print a bullish candle by the end of this week, which coincides with the end of March candlestick. With the fourth halving expected to happen in four weeks, possibly buy the rumor and sell the news scenario could occur in the coming days.
According to a famous crypto analyst, Michaël van de Poppe, Bitcoin price will likely retest the resistance level around $70,300 after rebounding in a bullish outlook in the past week.
Ethereum (ETH)
Ethereum’s price is aimed at reclaiming $4,000 and rallying towards the next major target of around $4,500 in the coming weeks. The undisputed king of smart contracts and web3 ecosystem found a solid support level of around $3,450 despite the stop hunt that dropped as low as $3,067.
XRP Price
XRP price has formed a cup with a handle base pattern that often yields an explosive rally in the near term. Already, XRP price has completed a retest of a macro bullish breakout and could quickly close this month trading above 70 cents.
What should your position be this week?
With more than $1 billion in Bitcoin options set to expire later this week, the cryptocurrency market will likely continue in high volatility, which was set in the past weeks.
As a result, it is prudent to keep your positions manageable in case of sudden stop hunts to avoid forced liquidation of possibly profitable trades.
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