The broader cryptocurrency market remains under heavy downside pressure as investor interest shifts towards attractive AI and memory stocks. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain above their June 6 lows, with bulls hoping short-term resilience will drive away sellers.
At the same time, risk-off sentiment among investors has intensified, as shown by Thursday’s Fear and Greed Index reading of 18, indicating extreme fear in the crypto market. Meanwhile, long liquidations of $776 million add up to a total of $1 billion in the last 24 hours, confirming the market’s selling bias.
Will Bitcoin Stay Above $60,000?
Bitcoin hovered above $61,000 on Thursday, down from $61,962 earlier in the day, putting it at risk of extending losses to two consecutive days. BTC has maintained a near-term bearish trend and is trading well below the 50- and 200-day exponential moving averages (EMA) at $68,248 and $77,506, respectively.
From a technical perspective, the bearish reversal on June 16 signals a downside extension after retesting the bearish fair value gap (FVG) between $67,516 and $70,686. The path of least resistance threatens the low of $59,103 made the previous day, which is close to the June 6 low of $59,130. A decisive close below this level could extend the decline to the July 5 low of $53,485.
As said, the momentum shows bearish signs on the daily chart. The downtick in the Moving Average Convergence Divergence (MACD) aligns with contracting positive histogram, hinting at a failed underlying corrective tone. Meanwhile, the Relative Strength Index (RSI) at 34 remains below the midline and continues to trend downward, confirming a shaky recovery from recent oversold conditions.
At the top, initial resistance is aligned with the 50-day EMA at $68,248, and a more significant hurdle lies at the 200-day EMA around $77,506.
Can Ethereum defend its $1,500 low?
Ethereum remained above $1,600 at press time on Thursday, maintaining a broad bearish trend that is based on a falling resistance trend line. The major altcoin shows a slight recovery from recent lows, but the path of least resistance remains to the downside.
As noted, the MACD and signal lines are on the verge of a bearish crossover, suggesting that the short-term bullish momentum is waning. Meanwhile, the RSI near 35 shows a reversal below its midline as sellers have gained strength.
Looking below, the June 6 low $1,505 remains a key support level, and a drop below this area would test the levels seen in April 2025, potentially targeting the April 9 low $1,385.
At the top, initial resistance is seen in the former trendline break area around $1,789.80, where sellers could re-emerge on a rebound. Above this, the 50-day EMA at $1,880 acts as a more significant hurdle, solidifying a major limitation on any extended recovery.
Could XRP price drop below $1?
XRP is trading around $1.07 at press time on Thursday, which is a bearish reversal from last week’s 50-day EMA around $1.28. With a slight correction phase, the cross border remittance token remains above the June 6 low at $1.05, but the prevailing bearish trend warns of a sharp correction.
As the moving average lines make a bearish crossover, the MACD indicator flashes a sell signal, while the RSI slips to 34, indicating that sellers maintain control, although the pair is moving towards oversold territory.
A potential daily close below $1.05 could put at risk the FVG formed between $0.92 and $1.00, with the midline around $0.96.
At the top, initial resistance lies at the 50-day EMA near $1.23, limiting any recovery attempts, ahead of a stronger hurdle at the 200-day EMA around $1.54, reinforcing the broader bearish structure.
(The technical analysis for this story was written with the help of AI tools.)
