The cryptocurrency market demonstrated a modest uptick this week, with its overall capitalization climbing from $958 billion to $1.05 trillion. That being said, it faced some setbacks by week's end following the Federal Reserve's continued hawkish stance, with hints of another rate hike expected before 2023 ends.
Bitcoin saw a slight decline over the course of the week, registering a loss of less than 1.0%. Ethereum's value dipped by nearly 3%, while Ripple and Litecoin demonstrated roughly 3% gains.
Bitcoin experienced an increase in value this week, ascending from the consolidation range between 25,201 and 26,480. However, the price failed to consolidate above the $27,000 mark and subsequently retracted to the 26,480 level.
Given this technical standpoint, the leading cryptocurrency has the option to either revert to the sideways range of 25,201 to 26,480 and potentially continue its decline or, if the 26,480 level holds, it may aim to revisit the area of $27,000 per coin and keep trying to consolidate above this psychological level.
The price of Ripple went up, having broken out the resistance at 0.5097 from the bottom up. However, it is yet unclear whether or not the price will be able to consolidate over this boundary.
If 0.5097 continues to act as support, 0.5513 will serve as the further upward target. In case this scenario does not play out, the price may retreat back into the range of 0.4828 to 0.5097 and continue falling.
Amidst the broader market upswing, Ethereum reached resistance at 1678.21 but subsequently reversed its course downward. During this retracement, the price has been putting the strength of the dotted level to the test. Should it successfully consolidate below this level, it may likely proceed in a southward direction toward the September 11 lows and the support level at 1484.77.
Amidst its ascent, Litecoin surpassed the 64.70 level but subsequently retraced to it, currently putting its strength to the test. Should this coin manage to consolidate above this horizontal threshold, it could potentially pave the way for a return to the previous week's highs and the resistance at 73.43.
On the other hand, if the price consolidates below 64.70, it may pave the way for Litecoin to reach the support at 57.68 marked with dotted lines.