Bitcoin Falls Below $100,000 Support, Signaling Potential Further Decline
Bitcoin (BTC) went below the crucial $100,000 support level on Friday, trading around $97,500 after a significant weekly drop of over 6%. This decline follows BTC reaching an all-time high of $108,353 on Tuesday before decreasing by 7.8% over the subsequent two days. Should Bitcoin’s correction persist, it may test the next support level at $90,000.
Technical Indicators Suggest Bearish Momentum for Bitcoin
Technical analysis reveals that Bitcoin’s Relative Strength Index (RSI) is currently at 49 on the daily chart, just below the neutral mark of 50 and trending downward, which indicates bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on Wednesday, further supporting the outlook of a downward trend. Despite the current bearish signals, there is potential for recovery. If Bitcoin rebounds and closes above the $100,000 level, it could reignite the rally and aim to retest its previous all-time high of $108,353.
Ethereum and Ripple Also Experience Downturns
Following Bitcoin’s downward trend, Ethereum (ETH) and Ripple (XRP) also slipped below their key support levels, falling by 12% and 4.5% respectively this week. Ethereum closed below its weekly support at $3,522, hinting at an impending market correction. Meanwhile, Ripple is
Retaining the daily support level of $2.21 and closing it below this threshold could prolong its ongoing pullback.
The recent price declines have triggered widespread liquidations across the cryptocurrency market. According to CoinGlass data, the market has seen over $1.17 billion in total liquidations within the last 24 hours alone. Specifically, Bitcoin faced liquidations exceeding $238 million, Ethereum over $220 million, and Ripple around $47 million.
Ethereum Bears Gain Momentum
On Monday, Ethereum’s price was rejected near the $4,000 mark and fell by 14% over the next three days, closing below the weekly support level of $3,522. As of Friday, Ethereum is trading at around $3,450. If the $3,522 level continues to act as resistance and ETH closes below $3,335, the decline could extend further, targeting the next daily support at $3,029.
The daily Relative Strength Index (RSI) is at 42, below the neutral level of 50 and trending downward, indicating strong bearish momentum. However, if ETH breaks above the $3,522 resistance and closes above it, the recovery could gain traction, potentially retesting the $4,000 level.
Ripple Bulls Show Signs of Exhaustion
On Tuesday, Ripple’s price faced rejection around the $2.66 level and dropped by 12.78% over the following two days. As of Friday, XRP has bounced off the daily support at $2.21 and is trading around $2.33. Should XRP close below the $2.21 support level, the decline may continue, targeting the next support at $1.96.
The daily RSI stands at 57, having rejected the overbought level of 70 on Tuesday, which suggests weakening bullish momentum. If the RSI falls below the neutral level of 50, it could indicate a sharp decline in Ripple’s price. On the upside, if XRP rises and closes above $2.66, the rally might continue, potentially testing the psychologically important $3.00 level.
