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After falling below the psychological $100,000 threshold, investors are wondering whether this is a short-term dip or a more significant change in the market. As of now, Bitcoin is trading at around $95,933, down 1.04% from the previous day. After a strong rally that nearly took Bitcoin to an all-time high, there has been a correction
The uptrend line established during the late 2024 rally has clearly broken on the chart. Buyers appear to be losing momentum, indicating a loss of momentum. As over-leveraged positions are unwound, the marked increase in selling pressure has also led to significant liquidations in the futures market. Given the current fragile market, this liquidation has likely accelerated the decline.
BTC/USDT chart by TradingView
Many analysts see this decline as a healthy correction, and Bitcoin is still in a long-term bullish structure despite the pullback. The $92,500 and $87,500 levels are important support levels to watch as they could act as return points for buyers. On the other hand, the resistance at $100,000 is likely to be a major hurdle to overcome with strong market sentiment.
There are challenges facing the larger cryptocurrency market as well, with macroeconomic uncertainty being one of them. But given Bitcoin’s solid foundation — which includes growing institutional interest and adoption — if the overall market stabilizes in the coming months, the $100k level could be tested again. The main concern at the moment is whether Bitcoin can hold onto its current support levels and avoid further major corrections. With ongoing liquidations and increased volatility, traders should exercise caution. When dealing with such market conditions, patience and careful risk management are, as always, paramount. Last Resort for Shiba Inu The 200 EMA, the last major support level before a potential deeper market pullback, is quickly approaching for Shiba Inu. The token is currently trading around $0.00002171 after seeing a sharp 9.6% decline in the last day. For SHIB’s price action, this level represents a critical turning point. Losing the 200 EMA, which has historically served as strong support, could result in a quick drop towards $0.00002000, a psychological level that could attract buyers.
After that, the 0.00001750 level becomes the next important support area. If neither level holds, SHIB could enter an unprecedented bearish zone and lose most of its recent gains. The 0.00002350 level remains the first resistance level that SHIB must overcome in order to have any chance of recovery.
A break of this level would target $0.00002500, a crucial level for a bullish reversal in the market. Profit-taking by large holders and a general market correction appear to be the main reasons behind the recent sell-off. Despite its decline, SHIB’s speculative appeal and community-driven nature could rekindle buyers’ interest if they see the dip as an opportunity.
SHIB’s ability to hold the 200 EMA is crucial going forward. A bounce from this level could spark a short-term recovery towards $0.00002350. However, if this support is not held, a longer downtrend is likely, with $0.00001750 acting as the next safety net. Traders should keep a close eye on the upcoming sessions as the token’s next path will likely be determined by how it moves around these crucial levels. Given the ongoing market volatility, it is advisable to proceed with caution. XRP Gains Momentum In contrast to the overall decline seen among leading digital assets, XRP is showing exceptional performance as one of the best performers in the cryptocurrency market. XRP has registered a 1.49% gain in the last day, trading at $2.32, while Bitcoin, Ethereum, and other cryptocurrencies are facing significant declines. Its resilience is all the more surprising given the challenging market conditions.
Over the past week, Bitcoin has lost 5.4% of its value, falling below the crucial $100,000 level. Ethereum, which is currently trading at $3,365, is also down 8.42% on the week. Solana has also been hit hard, losing 8.92% over the same period. In light of this, Ripple’s relative strength is evident in its ability to hold up and even rise.
With resistance at $2.50 and strong support at $2.10, XRP is consolidating inside a triangle pattern on the technical side. A break above $2.50 could push XRP closer to $3.00, a crucial technical and psychological level. If support at $2.10 is lost, there could be a correction to $1.90, where the 100 EMA is providing further support. The large amounts of liquidation have exacerbated the overall market weakness, but XRP seems to have performed better than most coins during this turmoil. Its recent performance points to rising investor confidence, which could be driven by distinct market dynamics and hopes for its utility. Going forward, XRP’s ability to maintain its momentum will depend on its ability to overcome the $2.50 resistance level while monitoring market developments. In a generally bearish market, its current strength sets it apart and suggests that if overall conditions improve, there could be further upside ahead. #xrp $XRP $BTC $BNB
