The cryptocurrency market faced renewed pressure last week as geopolitical tensions in the Middle East triggered broad-based sell-offs. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) declined by approximately 5%, 13%, and 7% respectively. While Bitcoin hovers near a critical support level around $100,000, both Ethereum and XRP have broken below key technical supports—raising concerns about deeper corrections ahead.
Market analysts suggest that if current bearish momentum continues, Bitcoin could retest its recent low near $98,200, Ethereum may head toward the $2,000 psychological level, and XRP might drop to $1.77. Technical indicators across all three assets show weakening momentum, with bearish crossovers forming on major moving averages and oscillators signaling oversold yet still downward-biased conditions.
Bitcoin Faces Critical Test at $100,000 Support
Bitcoin closed below its 50-day Exponential Moving Average (EMA) at $102,942 last Saturday, ending the week down 1.13%. It dipped further on Sunday, reaching a low of $98,200. As of Monday’s analysis, BTC is trading near the pivotal $100,000 mark—a level now seen as the last line of defense before deeper downside pressure emerges.
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A daily close below $100,000 could confirm a bearish breakdown, potentially pushing prices back toward the $98,200 swing low. Sustained selling pressure might even open the door for a retest of longer-term support zones near $95,000—though such a move would require significant negative catalysts.
Technical indicators reinforce the caution. The daily Relative Strength Index (RSI) sits at 38, below the neutral 50 threshold, indicating growing bearish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a clear bearish crossover, with red histogram bars expanding below the zero line—another sign of strengthening downward momentum.
On the upside, a recovery above $102,942—the 50-day EMA—could stabilize sentiment and attract short-term buyers. However, without strong bullish volume, any rally may be short-lived.
Ethereum Breaks Key Support Amid Growing Bearish Pressure
Ethereum saw a sharp weekly decline of nearly 13%, breaking below the critical consolidation zone at $2,461. The drop accelerated after ETH closed under its 50-day EMA at $2,416 on Friday. Over the weekend, prices fell an additional 7.65%, settling around $2,241 by Monday.
With this breakdown, Ethereum now faces increased downside risk. The next major support lies at $2,000—a round number that could attract both bargain hunters and intensified selling depending on broader market sentiment.
Technical analysis paints a similarly bearish picture. The daily RSI has dropped to 34—approaching oversold territory—but without a reversal signal in sight. The MACD continues to display a bearish crossover, with red histogram bars growing in length beneath the centerline. This suggests that selling pressure remains dominant despite the extended pullback.
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If bulls want to regain control, Ethereum must reclaim the 50-day EMA at $2,416 and hold it through multiple sessions. Until then, the path of least resistance appears downward.
XRP Nears Decision Point at $1.96 Daily Support
XRP experienced heightened volatility last week after being rejected at its 50-day EMA near $2.21 on June 17. The coin plunged 10% by Sunday and entered Monday trading just above the daily support level at $1.96.
A daily close below $1.96 could trigger a new wave of selling, potentially driving XRP toward the next support zone at $1.77—an area that previously acted as resistance during earlier rallies.
Like BTC and ETH, XRP’s technical indicators reflect bearish dominance. The daily RSI stands at 36—close to oversold—but not yet signaling a reversal. The MACD shows a developing bearish crossover with red histogram bars increasing below zero, reinforcing expectations of continued downside movement in the near term.
A bounce from current levels could see XRP retrace toward its 50-day EMA at $2.21, but sustained resistance there suggests that upside momentum remains weak.
Frequently Asked Questions (FAQs)
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization and functions as decentralized digital money. It operates without central oversight, enabling peer-to-peer transactions without intermediaries like banks or governments.
What are altcoins?
Altcoins refer to any cryptocurrency other than Bitcoin. While some exclude Ethereum due to its foundational role in smart contracts and decentralized applications, most consider all non-BTC cryptos as altcoins. Litecoin is often cited as the first true altcoin, having forked directly from Bitcoin’s protocol.
What are stablecoins?
Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to an external asset—most commonly the U.S. dollar. They are backed by reserves or stabilized through algorithms to minimize volatility. Stablecoins serve as safe on-ramps and off-ramps for traders and help preserve value during turbulent market conditions.
What is Bitcoin dominance?
Bitcoin dominance measures BTC’s market cap relative to the total crypto market cap. High dominance typically indicates investor preference for large-cap stability during uncertain times—often seen in early bull markets or during corrections. A declining dominance suggests capital rotation into altcoins, which can precede broader altcoin rallies.
Why are technical indicators important in crypto trading?
Indicators like RSI and MACD help traders assess momentum, trend strength, and potential reversal points. In highly volatile markets like crypto, they provide data-driven insights to complement price action and support informed decision-making.
How do geopolitical events affect crypto prices?
Although cryptocurrencies operate independently of traditional financial systems, they are not immune to macro risks. Geopolitical tensions often increase risk aversion, prompting investors to reduce exposure to volatile assets—including digital currencies—until clarity returns.
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