• Bitcoin price has been consolidating within the $116,000 to $120,000 range for the last ten days.
• Ethereum price hovers around $3,670 on Friday, after rebounding from the key $3,500 level the previous day.
• Ripple’s XRP continues its decline, trading below $3.15, falling nearly 10% so far this week.

Bitcoin (BTC) price continues to trade within a tight consolidation range on Friday, suggesting a pause in bullish momentum. Meanwhile, Ethereum (ETH) and Ripple (XRP) have slid nearly 3% and 10%, respectively, so far this week. Traders should be cautious as the momentum indicators of these cryptocurrencies show signs of fading bullish momentum.

Bitcoin consolidates between $116,000 and $120,000 range 

Bitcoin price has been consolidating in the $116,000 to $120,000 range for the last 10 days, following a new all-time high of $123,218 reached on June 14. At the time of writing on Friday, it trades slightly down, nearing its lower boundary of consolidation at $116,000.

If BTC falls below $116,000 on a daily basis, it could extend the decline to retest the 50-day Exponential Moving Average (EMA) at $111,458.

The Relative Strength Index (RSI) on the daily chart reads 55, pointing downward after being rejected from its overbought condition on Tuesday, indicating fading bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) also showed a bearish crossover on Wednesday, giving sell signals and indicating a bearish momentum.

BTC/USDT daily chart 

On the contrary, if BTC closes above the upper boundary of the consolidation range at $120,000 on a daily basis, it could extend the recovery toward the fresh all-time high at $123,218.

Ethereum shows early signs of weakness

Ethereum's price failed to find support around the daily level of $3,730 on Wednesday and declined by 3.15%. However, the next day, it recovered most of its losses after bouncing from its $3,500 psychological level. At the time of writing on Friday, it trades down, facing rejection from its daily level of $3,730.

If ETH closes below the $3,500 level on a daily basis, it could extend the decline to retest its key psychological level of $3,000.

The RSI on the daily chart reads 72, pointing downwards, from its extreme overbought conditions, indicating fading bullish momentum. Moreover, its MACD indicator is converging closer together, and the green histogram bars are also falling, further indicating fading bullish momentum.

ETH/USDT daily chart 

However, if the daily level at $3,500 holds as support and ETH closes above $3,730 on a daily basis, it could extend the rally toward its next key level at $4,000.

XRP shows bearish conditions on MACD indicator 

XRP price reached a new all-time high of $3.66 last Friday and then declined slightly, finding support around the daily level of $3.40 before recovering by Tuesday. However, on Wednesday, it fell sharply by 10.33% closing below daily support at $3.40 and retesting its 61.8% Fibonacci level at $2.99 the next day. At the time of writing on Friday, it continues to trade down at $3.08.

If XRP closes below the $2.99 support level, it could extend the decline toward its next daily support at $2.72.

The RSI on the daily chart reads 58 after falling sharply from its overbought condition this week, indicating a fading bullish momentum. Additionally, the MACD showed a bearish crossover on Wednesday, giving sell signals and indicating a bearish momentum.

XRP/USDT daily chart

Conversely, if XRP recovers, it could extend the recovery toward its daily resistance level at $3.40.