Crypto Today: Mounting bearish pressure drives further losses in Bitcoin, Ethereum and XRP

• Below $68,000 on Friday, Bitcoin's spot price remains under pressure as bears strengthen their grip.
• Below $2,000, Ethereum probes lows as risk aversion spreads across the cryptocurrency market.
• A ninth consecutive day of selling leaves XRP holding precariously above $1.00.

Below $69,000 on Friday, Bitcoin's (BTC) spot price reflects a deepening sell-off. The largest cryptocurrency by market capitalisation is leading the heavy selling, while Ethereum (ETH) trades below $2,000 and Ripple (XRP) sits only just above $1.00.

Despite oversold conditions, selling pressure shows little sign of abating. It has continued since the $6.3 billion Binance hack and the United States (US) midterm elections.

Crypto investors remain risk-averse

Friday's Fear & Greed Index reading of 20, in Fear territory and down from 20 in the Extreme Fear range the previous day, points to muted interest across the wider cryptocurrency market. The picture suggests that persistent US inflation is prompting investors to step aside and adjust their portfolios.

A 25 basis point interest rate increase in December, taking the range to 3.75-4.00%, is widely expected from the Federal Reserve (Fed). Bringing inflation in the world's largest economy back to its long-term 2% target remains the Fed's commitment. As tighter monetary policy seldom benefits risk assets, it could dampen market sentiment and make a sustained recovery less likely.

Bitcoin technical analysis: Selling pressure shows little sign of easing

At $68,603, Bitcoin remains well beneath its key Exponential Moving Averages (EMAs), maintaining a bearish short-term outlook. The first substantial upside barrier is the 200-day EMA around $76,309. Together with the SuperTrend at $77,026 and the 100-day EMA near $77,194, it forms a concentrated zone of overhead supply. Further up, the 50-day EMA at $78,220 adds another layer of resistance to any rebound.

A Relative Strength Index (RSI) reading of 25 places Bitcoin in oversold territory, while the Moving Average Convergence Divergence (MACD) line remains deeply negative and below its signal line. Momentum is therefore still under strain: sellers retain the upper hand, although the potential for a corrective rebound is increasing.

The first indication of stabilisation would be a daily close above the 200-day EMA at $76,309. That would bring the SuperTrend barrier at $77,026 and then the 100-day EMA at $77,194 into view as resistance. To begin undermining the prevailing bearish structure, however, Bitcoin would need to hold above the 50-day EMA at $78,220.

With indicators offering no nearby downside support, attention remains on price action and previous lows. Unless BTC establishes a floor above the $68,000 area, further losses remain a risk before an oversold rebound can gather momentum.

Ethereum technical analysis: Sellers maintain their grip on ETH

At $1,937, Ethereum continues to fall, with its position firmly below the key moving averages preserving a bearish near-term outlook. Overhead resistance comes from the 50-day EMA at $2,319, the 100-day EMA at $2,312 and the 200-day EMA at $2,293. Before those levels, the SuperTrend line at $2,253 presents the first technical hurdle.

An RSI reading of 25 points to oversold conditions, but with the MACD still below zero, momentum remains subdued. Bearish pressure appears stretched, rather than signalling a clear reversal at this stage.

To alleviate the current downside bias, Ethereum would need to decisively regain the 200-day EMA at $2,293 after overcoming initial resistance at the SuperTrend level around $2,253. Beyond that, a tight resistance cluster comprises the 100-day EMA at $2,313 and the 50-day EMA at $2,319. Unless buyers gain substantial momentum, this area would probably constrain recovery attempts.

In the absence of clearly established indicator-based support, the recent low near the current price offers only a tentative floor. Sellers remain in command, and failure to stabilise above $1,937 could pave the way for additional losses.

XRP technical analysis: Heavy selling keeps the token under pressure

At $1.03, XRP continues its slide, trading far below both its principal moving averages and the broken descending trendline. This leaves the short-term outlook firmly bearish. Above the price sit the 50-day EMA at $1.26, the 100-day EMA at $1.29 and the 200-day EMA at $1.34. The SuperTrend at $1.19 also remains overhead, indicating that rallies are still susceptible to selling.

With the RSI near 22 and entrenched in oversold territory, momentum remains poor. The MACD line is below zero and its negative histogram is contracting slightly, suggesting continued downward pressure and only modest potential for a corrective rebound.

Before reaching the closely aligned 50-day EMA at $1.26 and previous trendline break level at $1.27, XRP faces immediate resistance at the SuperTrend level around $1.19. Further overhead, the 100-day EMA at $1.29 and the longer-term 200-day EMA at $1.34 are likely to restrict recovery attempts for as long as the price remains below them.

The daily chart's current indicators identify no clear structural support below spot. Before anticipating a lasting reversal of the prevailing bearish trend, traders should therefore watch developing price action for evidence that a base is forming.

(The technical analysis of this story was written with the help of an AI tool. Know more.)