Bitcoin broke down from the crucial $60,000 threshold, a development that has caused a stir among investors and market analysts alike. This breakdown potentially signals the end of the ongoing bull run.

Fear intensifies as the 100-day Exponential Moving Average is on the verge of falling. If this level breaks, it could signify the end of the bullish trend that has propelled Bitcoin to its recent highs. Such a shift would not just be a setback; it would mark a fundamental reversal in market sentiment.

BTC/USD Chart by TradingViewFurther fueling concerns is the noticeable increase in trading volume, which suggests a rise in selling pressure. This heightened activity indicates that more traders are moving to offload their holdings, anticipating lower prices ahead, or trying to cut their losses, which adds to the downward pressure on Bitcoin.

Bitcoin's immediate support can be seen around the $50,000 mark, represented by the 200-day moving average. This level is critical; if it holds, it might provide a temporary relief or even a base for a potential recovery. However, if this support breaks, the next key level would be around $48,000.

On the resistance side, Bitcoin faces an uphill battle. The $60,000 threshold, once a support level, now turns into a significant resistance. Overcoming this will be crucial for Bitcoin to regain its upward momentum and reassure investors of its strength.

XRP copes with losses

Ethereum

Despite the general market downturn, XRP has managed to hold above the critical support level at $0.49. This stability is significant, as maintaining above this support level helps prevent further bearish momentum that could lead to steeper declines.