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Bitcoin falls below $100,000, signaling potential for deeper losses.
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Ethereum and XRP struggle at key resistance levels amid bearish momentum.
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Canary Capital’s XRP ETF posts $58 million debut trading volume.
On Friday, Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) traded in negative territory, extending weekly losses as bearish sentiment continued to weigh on the cryptocurrency market.
Bitcoin has fallen more than 5% this week, Ethereum over 10% and XRP about 2%, with each facing significant technical resistance.
Bitcoin slipped below the psychological $100,000 mark, signaling that bears remain in control.
The flagship cryptocurrency was rejected at the 38.20% Fibonacci retracement level of $106,453, measured from the April 7 low of $74,508 to the all-time high of $126,299 on October 6.
BTC is down nearly 6% since Monday and is currently trading around $96,300.
Should Bitcoin continue its correction and close below support at $97,460, analysts see the potential for a further decline toward $95,000.
The Relative Strength Index (RSI) sits at 35, well below the neutral 50, indicating rising bearish pressure, while the moving average convergence divergence (MACD) shows a bearish crossover, reinforcing the sell signal.
If BTC stabilizes, however, a rebound toward $106,453—the key Fibonacci resistance—remains possible.
Ethereum faces rejection, eyes deeper pullback
Ethereum’s (ETH) correction intensified after the token faced rejection near a broken trendline resistance at $3,592 on Monday, dropping roughly 10% over three days.
As of Friday, ETH is trading around $3,200.
If Ethereum closes below the $3,170 support level, analysts forecast a further drop toward $3,017, an important daily support zone.
Both the RSI and MACD point to growing bearish momentum, suggesting Ethereum’s pullback may not be over.
Should ETH rebound, a recovery toward the 38.20% Fibonacci retracement level at $3,592 would be the next upside target.
XRP slips below key support as ETF launch steals the spotlight
XRP began the week with a strong 6.75% rally on Monday, retesting the 50-day EMA at $2.53, but it failed to sustain the move.
After multiple rejections at that level, XRP fell 2.5% on Thursday, closing below support at $2.35. As of Friday, it is trading near $2.30.
If the downtrend continues, XRP could decline further toward the next major support at $1.96. Both the RSI and MACD show bearish trends, with the MACD reflecting trader indecision.
Despite the decline, XRP grabbed headlines this week with the launch of Canary Capital’s XRP ETF (ticker: XRPC), which debuted Thursday with a notable trading volume.
According to Eric Balchunas, senior analyst at Bloomberg, XRPC generated $58 million on its first day of trading—the highest debut volume among nearly 900 ETF launches this year.
Balchunas noted the ETF reached $26 million in its first hour, surpassing the previous debut-day record set by Bitwise’s Solana ETF (BSOL), which posted $57 million on its first day and $72 million on the second.
“The two are in a league of their own,” Balchunas said on X, referring to XRPC and BSOL as standout performers in this year’s ETF market.
If XRP can regain momentum and close above $2.35, it could trigger a recovery toward the 50-day EMA at $2.53.