Bitcoin Struggles as It Dips Below $106,000
Bitcoin (BTC) witnessed a 2.47% decline over the past two days, slipping below $106,000 on Wednesday. The weakening bullish momentum raises concerns about a deeper correction.
Key BTC Price Levels to Watch
- Support: $104,245 (50-day EMA)
- Resistance: $111,980 (May 22 all-time high)
Technical Indicators:
- RSI: 51 (neutral, hinting at trader indecision)
- MACD: Potential bearish crossover forming, signaling sell pressure.
👉 Why Bitcoin’s 50-day EMA is critical for its next move
If BTC closes below the 50-day EMA, it could drop toward $100,000. Conversely, holding this support may reignite a rally toward $111,980.
Ethereum Breaks Critical Support, Eyes Further Downturn
Ethereum (ETH) fell below its pivotal $2,461 support level this week, closing under the 50-day EMA ($2,428) on Tuesday. As of Wednesday, ETH hovers near $2,428.
ETH Price Scenarios
- Downside Target: $2,111 (June 22 low) if the correction continues.
- Upside Trigger: A daily close above $2,461 could push ETH toward $2,724.
Technical Indicators:
- RSI: 47 (bearish momentum building)
- MACD: Flatlining, reflecting market uncertainty.
Ripple (XRP) Faces Rejection at Key Resistance
XRP failed to sustain above its daily resistance at $2.23, dropping 3% by Wednesday. It now trades near $2.18.
XRP Price Outlook
- Support: $1.96 (next daily level)
- Resistance: $2.47 (May 23 high)
A decisive close above $2.23 could revive bullish momentum. Otherwise, the pullback may deepen.
👉 How XRP’s volatility compares to BTC and ETH
FAQ: Bitcoin, Ethereum, and Ripple Price Movements
Q1: What’s driving Bitcoin’s current downtrend?
A: Profit-taking after BTC’s 7.32% surge last week, coupled with weakening bullish signals (RSI neutrality, MACD crossover risk).
Q2: Is Ethereum’s drop below $2,461 significant?
A: Yes. This level was crucial for sustaining ETH’s uptrend. Breaching it opens doors to $2,111.
Q3: Can XRP rebound without clearing $2.23?
A: Unlikely. This resistance is pivotal for bulls to regain control.
Q4: Which crypto is most at risk of a deeper correction?
A: Ethereum, due to its confirmed breakdown below key support.
Final Thoughts
While BTC, ETH, and XRP show short-term bearish signals, their macro trends remain intact. Watch the 50-day EMA for Bitcoin, $2,461 for Ethereum, and $2.23 for XRP to gauge directional bias.