Cryptocurrency Prices May Be Experiencing Short-Term Pullback Before Long-Term Uptrend

The recent decline in cryptocurrency prices may be a short-term pullback within a long-term uptrend, according to stonex.com. Bitcoin (BTCUSD) fell by 9%, Ethereum (ETHUSD) dropped by 11%, and Ripple (XRPUSD) declined by 20% following the August-September drawdown.

The Federal Reserve's 25 bps rate hike and a potential reversal in crude oil prices have also contributed to the decline. However, the recent pullback is equal to or less than 50% of the strong bullish rebounds from the yearly lows, suggesting that it may be a corrective move before the broader rebound and uptrend resume.

U.S. 10-year Treasury yields and Brent crude oil prices have also pulled back, which may ease some of the pressure created by persistent geopolitical escalation risks. Key support levels for Bitcoin include 74,500, Ethereum's key support level is 2,340, and Ripple's key support level is 127.

Bitcoin is currently holding its bullish rebound above 58,000, while Ethereum is holding its bullish rebound above 1,500. Ripple is also holding its bullish rebound above 99. These levels represent significant long-term support structures that could reinforce the potential return toward record highs.