Market Update: Bitcoin, Ethereum, and Ripple Face Bearish Pressure Amid Key Support Tests

Cryptocurrency Market Faces Bearish Pressure: Bitcoin, Ethereum, and Ripple Struggle to Hold Key Support Levels

Friday, [Date] — The cryptocurrency market is experiencing a downturn as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all trade in the red, marking three consecutive days of losses. This bearish trend is putting their respective support levels to the test, raising concerns about potential further declines.

Could Bitcoin Pivot from $60,000?

Bitcoin is currently hovering just below the critical $60,000 mark, maintaining a bearish outlook. Despite some buying pressure at this psychological level, the cryptocurrency remains below the 50-day Exponential Moving Average (EMA) of $67,849 and the 200-day EMA of $77,100.

The Moving Average Convergence Divergence (MACD) is flattening near its signal line, indicating a loss of momentum, while the Relative Strength Index (RSI) sits just above the oversold threshold of 30. Notably, the RSI is higher than during Bitcoin’s previous dip to $60,000, suggesting a potential bullish divergence that could support a double-bottom reversal if sellers fail to dominate.

However, if Bitcoin slips below $60,000, the next key support level is at the July 5, 2024 low of $53,485. Immediate resistance remains at the 50-day EMA, reinforcing the prevailing bearish sentiment.

Ethereum Defends the Last Line of Defense at $1,500

Ethereum is also facing challenges, trading above $1,500 and extending its losses for the fourth consecutive day. The altcoin is significantly below both the 50-day EMA at $1,865 and the 200-day EMA at $2,325, indicating a clear bearish bias.

Ethereum’s ability to hold above its June 6 low of $1,505 keeps the possibility of a double-bottom formation alive, provided buying pressure remains strong. A rebound would need to surpass the June 15 high of $1,849 and the 50-day EMA to confirm a bullish breakout.

The RSI is currently at 29, reflecting an oversold condition, but its higher reading compared to the June 6 low of 12 suggests a potential hidden bullish divergence. However, the MACD is at risk of a bearish crossover, further emphasizing the sell-side dominance. A drop below $1,500 could lead to a decline toward the April 9, 2025 low of $1,385, marking a 14-month low.

Ripple Stands at a Crossroads

Ripple is trading around $1.03, continuing its steady decline after being capped by the 50-day EMA at $1.28 on June 15. The cryptocurrency is now approaching the psychological support level of $1.00, which forms a Fair Value Gap (FVG) between $0.92 and $1.00.

Daily candles show consistent lower-price rejection, indicating minor dip-buying pressure. The RSI displays a bullish divergence, hinting at a potential double-bottom rebound. However, the MACD remains below its signal line, suggesting a short-term bearish bias.

If XRP can rebound above the February 6 low of $1.11, it could extend its recovery to the 50-day EMA at $1.22. Conversely, a daily close below $1.00 could trigger a sharper correction toward the lower FVG support at $0.92, followed by further support around $0.77.

As the weekend approaches, traders and investors will be closely monitoring these key levels, hoping for a reversal in fortunes for these major cryptocurrencies.

(The technical analysis of this story was written with the help of an AI tool.)