- Bitcoin price hovers around $97,400 on Friday after losing nearly 5% in the last three days.
- Ethereum price failed to recover, trading around $2,700 and hinting at a downleg ahead.
- Ripple faced rejection around the $2.72 daily resistance; further correction on the cards
Bitcoin, Ethereum, and Ripple Struggle as Bearish Momentum Persists
The cryptocurrency market remains under pressure as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to face selling pressure. BTC is hovering around $97,400 after a 5% decline over the past three days, while ETH and XRP also struggle to maintain key support levels, signaling potential further losses ahead.
Bitcoin Bears Target $90,000 as Correction Deepens
Bitcoin price attempted a recovery earlier this week, rebounding from a low of $91,231 to close above $101,300 on Monday. However, the momentum was short-lived as BTC retraced nearly 5%, settling around $97,000 on Friday.
If Bitcoin continues its downward trajectory, it could test the crucial psychological support level at $90,000. Technical indicators suggest a bearish outlook, with the Relative Strength Index (RSI) at 44, reflecting weak buying pressure after being rejected from the neutral 50 level. Additionally, the Moving Average Convergence Divergence (MACD) has shown a bearish crossover, reinforcing the likelihood of further declines.
On the flip side, a bounce above $100,000 could signal a reversal, potentially pushing BTC towards its January 31 high of $106,012.
Ethereum Struggles Below $3,000, Poised for Further Downtrend
Ethereum has been unable to reclaim the $3,000 mark after facing rejection at its descending trendline on February 1. Following a sharp 13.87% decline, ETH attempted a recovery earlier this week, briefly reaching $2,879 before falling back to $2,715.
If Ethereum fails to hold above its critical support at $2,359, the decline could extend toward the next weekly support at $1,905. The daily RSI sits at 33, approaching oversold levels, which may indicate further downward pressure. Likewise, the MACD remains bearish, suggesting that selling momentum is likely to persist.
However, if Ethereum regains strength and reclaims $3,000, it could shift sentiment and spark a potential recovery.
Ripple Faces Rejection at $2.72, Eyes Further Losses
Ripple’s bullish attempt was cut short after failing to break above the daily resistance level at $2.72. After initially rebounding from a low of $1.77 on Monday to close at $2.70, XRP has since dropped nearly 14%, now trading around $2.35.
If the decline continues and XRP breaks below its daily support at $1.96, further downside toward the weekly support level at $1.40 could be in play. The RSI at 35 is nearing oversold territory, while the MACD’s bearish crossover suggests continued downward momentum.
A recovery past $2.72 could provide the strength needed for a potential bullish breakout, but failure to reclaim this level may extend the correction.
Market Outlook: A Critical Test for Cryptocurrencies
The ongoing weakness in Bitcoin, Ethereum, and Ripple signals a broader market correction, with key support levels being tested. If these assets fail to hold their respective supports, further declines could follow. However, if they manage to stage recoveries, a bullish resurgence may be on the horizon.
Traders should closely monitor technical levels and market sentiment to assess potential reversal points. The coming days will be crucial in determining whether the market can bounce back or extend its downward trend.
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