This week, the payment-focused cryptocurrency XRP fell over 6%, touching the key support level of $2, which has been a short positions fatigue zone since December of last year. If this support fails, investors may accelerate dumping, leading to a further dip in price. Currently, the price is still holding at support, and to turn bullish, it needs to break through the descending trend line since July (around $2.50).
Bitcoin is also under pressure, currently hovering near three key support levels: the trend line of continuous rise from 2023 to 2024, the 100-week SMA, and the 38.2% Fibonacci retracement level from the bear market low at the end of 2022 to the recent historical high of $126,000. If these supports are broken, attention will shift to the April low near $74,500 and about $70,000 below the peak of the 2021 bull market. If bulls wish to maintain confidence in the bull market, they need to reclaim the 50-week moving average (around $102,252).
In the traditional stock market, the Nasdaq index has formed a typical “hanging man” pattern on the monthly chart, indicating a weakening of upward momentum and a potential short-term correction. Bitcoin is highly correlated with tech stocks, so both face downside risks.
Overall, both XRP and Bitcoin are at key support levels, while the top signals from Nasdaq further increase market uncertainty. Investors need to be wary of potential dumping pressure, and it remains to be seen whether a Christmas rally will occur this year. (CoinDesk)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
A certain South Korean CEX postponed its IPO until after 2028, due to internal preparations and regulatory factors
A South Korean cryptocurrency exchange announced that it will postpone its IPO until after 2028 due to the need to improve internal controls and accounting policies, and it is still in the preparation stage. Although it is expected to generate $43 billion in revenue in 2025, internal and regulatory issues have impacted the IPO process.
GateNews7m ago
BTC briefly fell below 68,000 USDT, and the 24H price increase narrowed to 0.03%
Gate News message, April 1, market conditions show that BTC briefly fell below 68000 USDT, currently at 67999.9 USDT, with the 24H gain narrowing to 0.03%.
GateNews1h ago
Bitcoin Hovering at $68K as Traders Predict Near-Term Decline
Bitcoin has each week stretched the same narrative: a narrowing price range after a dip to $60,000 in early February, with bulls and bears locked in a quiet tug-of-war. The last few days have seen BTC flicker between its daily highs and lows in a compact corridor, leaving traders debating whether th
CryptoBreaking1h ago
Nakamoto BTC Sale Signals Sectorwide DAT Contagion, Analyst Says
Bitcoin treasury holders have faced a renewed wave of scrutiny as market stress spread through the sector. Nakamoto (NAKA), a prominent crypto treasury company, disclosed March sales that locked in losses, a signal that broader capital discipline could intensify in the coming weeks. The
CryptoBreaking2h ago
RWA Trading Boom Fuels Bitcoin and Tron While APEMARS Leads Best 100x Crypto to Buy Today Trends At $0.00017238
The crypto market is entering a new phase where institutional-grade innovation is beginning to merge with retail accessibility. Bitcoin continues to hold strong near the $67K range while Tron expands its ecosystem through AI integration and steady network growth. These developments reflect a
CaptainAltcoin2h ago
Bitcoin Transaction Fees Hit Lowest Level Since 2017: But It’s Not Due to Weak Demand
The average transaction fee on the Bitcoin network has fallen below $0.40 for the first time since 2017, according to on-chain data shared by analyst Darkfost.
The drop is markedly different from other times in the past when low costs were triggered by low usage, as it has come while daily transact
CryptoPotato2h ago
