U.Today – Bitcoin has fallen below the psychological $100,000 mark, currently trading at approximately $95,933, down 1.04% from the prior day. Following a strong rally, a correction has ensued as Bitcoin struggles to maintain recent highs.
The established upward trendline from late 2024 appears to have broken, suggesting that buyers are losing momentum. An increase in selling pressure coincides with the unwinding of highly leveraged positions, leading to significant liquidations in the futures market. This fragility may have contributed to the ongoing decline.
Many analysts consider this dip a healthy correction, as Bitcoin remains in a long-term bullish structure despite recent pullbacks. Key support levels are around $92,500 and $87,500, which may attract buyers for reentry. Conversely, resistance at $100,000 is expected to act as a significant barrier that requires strong sentiment to overcome.
The larger cryptocurrency market also faces challenges, including macroeconomic uncertainties. However, with an increasing institutional interest and adoption, there’s potential for Bitcoin to revisit the $100,000 mark if market conditions stabilize in the coming months.
The critical question now is whether Bitcoin can maintain its current support levels and avoid major corrections. Given the ongoing liquidations and volatility, traders are advised to proceed with caution, emphasizing patience and risk management.
Shiba Inu’s Last Resort
Shiba Inu (SHIB) is facing significant challenges, currently trading at about $0.00002171, reflecting a 9.6% decline in the last day. The 200 EMA, an essential support level, is approaching rapidly and will be crucial for its price action. If this level is lost, a drop to $0.00002000 could occur, a key psychological threshold that may attract buying interest.
If $0.00002000 fails to hold, the next support at $0.00001750 becomes critical. Failing to maintain these levels could lead SHIB into deeper bearish territory, erasing recent gains. Resistance at $0.00002350 will need to be conquered for any chance of recovery.
A bounce from the 200 EMA could spark a short-term recovery towards $0.00002350, but a failure to hold this support could signal a longer downtrend. Traders should monitor these critical levels vigilantly and proceed with caution amid ongoing market volatility.
XRP Gaining Traction
Despite the general decline among major cryptocurrencies, XRP stands out as a resilient performer, gaining 1.49% in the last day to trade at $2.32. While Bitcoin has dropped 5.4% below the $100,000 mark, other coins like Ethereum and Cardano experienced similar declines.
XRP’s technical outlook shows consolidation within a triangle pattern, with resistance at $2.50 and support at $2.10. A breakout above $2.50 could push XRP closer to the crucial $3.00 level, but dropping below $2.10 may lead to a retracement to $1.90.
Large liquidation volumes have exacerbated market weakness, but XRP’s recent performance indicates rising investor confidence. Its future ability to maintain momentum hinges on overcoming the $2.50 resistance while keeping an eye on broader market trends.
