Bitcoin price trades sideways within the parallel channel on Wednesday, following a rebound from the lower range earlier this week.Ethereum price steadies around $1,950 after being rejected by the upper consolidation boundary the previous week.
XRP remains inside a descending parallel channel, keeping the broader near-term tone bearish despite the recent stabilization.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.
Bitcoin continues its range-bound trading
Bitcoin price is trading within the consolidating range around $68,300 as of Wednesday. The near-term bias is cautiously bullish within a broader parallel channel, as price holds above the mid-area of the structure, capped near $71,980 and underpinned around $65,120. The Crypto King trades well below the 50- and 100-day Exponential Moving Averages (EMAs), clustered in the mid-$80,000s, but the Moving Average Convergence Divergence (MACD) line on the daily chart stands above its signal and remains in positive territory, with a positive histogram, suggesting improving upside momentum amid medium-term weakness.
The Relative Strength Index (RSI) at 46 points to fading bearish pressure after recovering from oversold conditions, reinforcing a stabilizing tone rather than renewed capitulation.
Initial resistance aligns with the channel top near $71,980, and a daily close above this barrier would expose the recent swing high at $75,770 as the next upside objective.
On the downside, immediate support is defined by the channel floor around $65,120, with a break below this level opening the way toward the horizontal support at $60,000, where prior demand and the earlier RSI oversold episode suggest buyers would attempt to reassert control.
