Bitcoin's Key Support Collapses... Ethereum and Ripple Also Warn of Further Decline

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

As Bitcoin (BTC) has fallen below its key moving average, and Ethereum (ETH) and XRP (Ripple) also show bearish signals, the risk of further declines for the top three cryptocurrencies by market capitalization is increasing.

According to investment media FXStreet on July 29 (local time), Bitcoin was trading at $63,734, falling below its 50-day exponential moving average (EMA) of $64,938, as well as its 100-day and 200-day EMAs. The Relative Strength Index (RSI) recorded 47, below the neutral line, and the Moving Average Convergence Divergence (MACD) also continued to decline in the negative territory, indicating the dominance of selling pressure. In case of an upturn, $64,004 and $64,938 will act as primary resistance levels, and if the correction continues, there is a possibility of a drop to the year's low of $57,800 recorded on the 1st.

Ethereum was trading at $1,907, above its 50-day EMA of $1,845, but failed to reach its 100-day EMA of $1,935 and 200-day EMA of $2,177. The RSI maintained a slightly stronger-than-neutral level at 56, but the MACD slightly dipped below its signal line, signaling weakening upward momentum. Failure to break $1,935 could lead to a retest of $1,845, and if that level also breaks, the correction range could extend to $1,385. Conversely, if $1,935 is recovered, $2,000 and $2,177 will act as the next resistance levels.

XRP was trading at $1.07, below all its 50-day, 100-day, and 200-day EMAs, which are clustered in the $1.13-$1.41 range. The RSI stayed between neutral and bearish at 43, and the MACD also recorded a slight negative value, indicating continued downward pressure. For a rebound, it must first recover $1.13, then successively overcome $1.22 and $1.30.

In the short term, XRP's key defense line is the psychological support level of $1. If selling pressure continues, buying pressure may prevent a further decline in this range, but failure to hold this support could intensify the bearish trend. All three assets remain below their major moving averages or resistance levels, and whether Bitcoin recovers $64,938, Ethereum recovers $1,935, and XRP recovers $1.13 is expected to determine their short-term direction.

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