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Preface

Amid rising bearish sentiment in the cryptocurrency market, Bitcoin, Ethereum, and Ripple (XRP) prices are facing significant downward pressure. Bitcoin, in particular, has broken its crucial support trendline of $58,000, signaling potential trouble ahead for the entire market. Adding to the pessimism, the recent plunge in Nvidia shares has dealt a blow to Artificial Intelligence (AI) enthusiasm, further dampening sentiment. Meanwhile, top altcoins like Ethereum and Ripple continue to struggle with holding their values above key support levels.

In this analysis, we will explore the technical and social sentiments surrounding Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as their potential short-term price targets.

Bitcoin Price Tests Its Crucial Lower Zone

Bitcoin's price has experienced a 4.09% drop in the past 24 hours, accompanied by a trading volume of $33.404 billion. The ongoing volatility in the crypto market has also led to a weekly decline of 5.51%, bringing Bitcoin dangerously close to its support zone around the $56,500 mark.

Chart Analysis: BTC/USDT

The EMA (Exponential Moving Average) 50/200-day chart shows a persistent downtrend on the 1-day (1D) time frame. This trend signals the likelihood of a Death Cross, which typically indicates a strong bearish sentiment in the market.

Should Bitcoin manage to hold above its crucial support level, we may see a retest of the $60,000 mark in the coming weeks. However, if bearish forces continue to dominate, Bitcoin could see a further decline to its next support level at $53,500.

Ethereum Faces Heightened Bearish Pressure

Ethereum, the second-largest cryptocurrency by market cap, has also seen significant losses. Over the past day, its price has dropped approximately 5%, pushing it below a crucial support level at $2,500. The long-term outlook is also grim, with Ethereum losing 17.96% in value over the past month, reflecting persistent bearish pressure.

Chart Analysis: ETH/USDT

The Moving Average Convergence Divergence (MACD) indicator for Ethereum is displaying a growing red histogram, indicating increased negative momentum. On top of that, the 1D time frame shows a bearish SMA (Simple Moving Average), which suggests that Ethereum could continue to lose value in the near term.

If the bulls regain control of the market, Ethereum could rally toward its next resistance level at $2,530. However, if the bearish trend persists, the altcoin could retest its critical support at $2,175, leading to further declines.

Ripple (XRP) Struggles to Stay Above Crucial Support

Despite showing long-term bullish potential, Ripple's XRP has not escaped the bearish sentiment engulfing the market. The coin has recorded a 3.12% drop over the past day and a 5.16% decline over the past week. Ripple is now on the brink of testing a crucial support level, and the outcome remains uncertain.

Chart Analysis: XRP/USDT

The Relative Strength Index (RSI) for XRP has failed to break above its neutral point, leading to a sharp bearish reversal. Additionally, the EMA 50/200-day shows a negative trend, signaling bearish momentum for XRP in the short term.

If the market regains strength, Ripple could bounce back and test its resistance level at $0.60. On the downside, if bearish forces continue to prevail, Ripple could drop toward its lower support level at $0.4880.

Conclusion

The crypto market continues to struggle under intensified bearish pressure, with Bitcoin, Ethereum, and Ripple all facing significant declines. For Bitcoin, maintaining the $56,500 support level is critical to avoiding a drop toward $53,500. Ethereum is vulnerable to further losses unless bulls manage to reclaim the $2,530 resistance level. Ripple, meanwhile, teeters on the edge of a crucial support level, with a potential downside target of $0.4880 if the bears maintain control.

Investors should remain cautious as the market sentiment continues to evolve, and keep a close watch on these key levels for further price direction.