Bitcoin price edged slightly down during the Asian session on Wednesday after hitting a new all-time high of $108,353 the previous day. Ethereum price faced rejection from the $4,000 level, hinting at a correction in the short term. Ripple price traded slightly down after retesting its $2.66 level, suggesting a pullback on the cards. Bitcoin (BTC) price, Ethereum (ETH) and Ripple (XRP) all followed BTC’s footsteps and declined slightly.
All coins’ technical indicators and price action suggest a possible short-term correction. Bitcoin bulls show signs of exhaustion Bitcoin price reached a new all-time high of $108,353 on Tuesday after rallying 3.32% in the previous week. At the time of writing on Wednesday, it trades slightly down around $105,019. If BTC faces a correction and closes below the $101,109 support level, it would extend the decline to retest its next support level at $90,000. The Relative Strength Index (RSI) on the daily chart reads 66 after rejecting the overbought level of 70 on Tuesday and points downwards, indicating a decrease in bullish momentum. If the RSI continues to edge down and close below its neutral level of 50, the price of Bitcoin will fall sharply. BTC/USDT daily chart However, if Bitcoin continues its upward trend and closes above its ATH of $108,353, it would extend the rally to test a new ATH of $119,510. This level aligns with the 141.4% Fibonacci extension drawn from the November 4 low of $66,835 to the December 5 high of $104,088. Ethereum price is set for a downturn as it faces rejection around $4,000 Ethereum price faced rejection around the $4,000 level on Monday and declined 2.34% the next day. At the time of writing on Wednesday, it continues to trade down around $3,858. If the $4,000 level continues as resistance, ETH will extend the pullback to retest its weekly support at $3,52