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

• Selling pressure strengthens in Bitcoin on Friday as its spot price remains below $68,000.
• Risk aversion across the crypto market weighs on Ethereum, which probes lows below $2,000.
• Sellers dominate XRP for the ninth straight day, leaving the token precariously above $1.00.

Heavy selling grips the crypto market on Friday, led by Bitcoin (BTC), the largest cryptocurrency by market capitalisation, as its spot price slips further below $69,000. Ethereum (ETH) is also trading below $2,000, while Ripple (XRP) remains only marginally above $1.00.

Even oversold conditions appear unable to relieve the selling pressure that has continued since the $6.3 billion Binance hack and the United States (US) midterm elections.

Why does risk aversion continue to dominate?

Investor appetite remains weak across cryptocurrencies. On Friday, the Fear & Greed Index stands at 20 in Fear territory, down from 20 in the Extreme Fear range a day earlier. The reading suggests that, with US inflation proving sticky, investors are stepping back from the market and adjusting their portfolios.

A 25 basis points interest-rate increase by the Federal Reserve (Fed) in December is widely anticipated, taking rates to the 3.75-4.00% range. Bringing inflation in the world’s largest economy back to its long-term 2% target remains the Fed’s objective. As tighter monetary policy seldom benefits risk assets, sentiment could come under further pressure, making a sustained recovery less likely.

Bitcoin technical analysis: Can the sell-off find a floor?

Trading at $68,603, Bitcoin remains well beneath its key Exponential Moving Averages (EMAs), leaving the short-term outlook bearish. The first major upside hurdle is the 200-day EMA around $76,309. Beyond it, the SuperTrend at $77,026 and the 100-day EMA near $77,194 create a concentrated overhead supply zone. Further resistance awaits at the 50-day EMA of $78,220, indicating that a recovery would have several hurdles to clear.

The momentum picture also remains under strain. Deep below zero, the Moving Average Convergence Divergence (MACD) line trails its signal line, while a Relative Strength Index (RSI) reading of 25 places Bitcoin in oversold territory. Selling therefore retains the upper hand, although the potential for a corrective rebound is increasing.

The earliest indication of stabilisation would come from a daily close above the 200-day EMA at $76,309. That would bring the SuperTrend hurdle at $77,026 into view, followed by resistance at the 100-day EMA of $77,194. However, the prevailing bearish structure would only begin to weaken with a sustained advance beyond the 50-day EMA at $78,220.

With indicators offering no nearby support levels on the downside, previous lows and price action remain the key references. 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: Can ETH buyers challenge sellers’ control?

The near-term outlook for Ethereum remains bearish as its decline extends to $1,937, well beneath the key moving averages. Overhead resistance includes the 50-day EMA at $2,319, the 100-day EMA at $2,312 and the 200-day EMA at $2,293, all of which constrain the price structure. The first technical obstacle, however, is the SuperTrend line at $2,253.

A MACD reading below zero continues to signal weak momentum. Meanwhile, the RSI at 25 places ETH in oversold territory, suggesting that bearish pressure is stretched without yet pointing to a clear reversal.

To ease the current bearish bias, ETH would need to decisively regain the 200-day EMA at $2,293 after clearing initial resistance at the SuperTrend around $2,253. Above those levels, a tight resistance cluster comprising the 100-day EMA at $2,313 and the 50-day EMA at $2,319 would likely restrict recovery attempts unless buying momentum strengthens substantially.

As the indicators provide no clearly defined support, the recent low close to the current price offers only a tentative floor. Sellers still hold the advantage, and an inability to stabilise above $1,937 could leave Ethereum vulnerable to further declines.

XRP technical analysis: Is there scope for relief from heavy selling?

At $1.03, XRP continues to retreat well beneath its main moving averages and the broken descending trendline, preserving a firmly bearish near-term outlook. The 50-day EMA at $1.26, the 100-day EMA at $1.29 and the 200-day EMA at $1.34 all remain above the price. With the SuperTrend also overhead at $1.19, any rallies appear exposed to renewed selling.

The RSI remains near 22 in oversold territory, underscoring weak momentum. At the same time, the MACD line is below zero and its negative histogram is contracting slightly. Together, these readings suggest continued downside pressure and only modest room for a corrective rebound.

The SuperTrend around $1.19 provides the nearest resistance. Next comes a closely aligned zone made up of the 50-day EMA at $1.26 and the former trendline break level at $1.27. Further up, the 100-day EMA at $1.29 and the longer-term 200-day EMA at $1.34 are likely to constrain recovery attempts for as long as XRP remains below them.

On the daily chart, the current indicators identify no clear structural support beneath the spot price. Before anticipating a lasting reversal of the existing 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.)