As the digital asset landscape reshapes under a surge of bearish sentiment, leading cryptocurrencies Bitcoin , Ethereum , and XRP faced an accelerated sell-off this week, shaking investor confidence and putting key support levels to the test.
Market Recap: A Week in Decline
Friday’s session revealed the full force of the correction as Bitcoin slipped below $86,000, Ethereum sank beneath $2,900, and Ripple dropped under the $2 threshold. With weekly losses registering more than 8% for Bitcoin, 9% for Ethereum, and a staggering 10% for Ripple, the market’s bearish turn highlights a fundamental shift in short-term sentiment.
Bitcoin’s Correction Deepens
Beginning the week on a downtrend, Bitcoin extended its decline, breaking the psychological $90,000 support and closing at $86,637 on Thursday. Early Friday numbers show Bitcoin trading near $85,900, teetering at a pivotal support level. The daily chart’s Relative Strength Index signals oversold conditions, opening the door for either a technical rebound or an extended retracement towards the $80,000 psychological floor if support fails.
Ethereum Signals Further Weakness
Ethereum encountered robust resistance last week and dropped nearly 14%, falling below the crucial $3,017 mark. On Friday, its price hovers around $2,791, with technical indicators warning that a move toward the $2,749 Fibonacci retracement level is possible. As with Bitcoin , Ethereum’s momentum indicators point to deepening bearish pressure with scant relief in sight unless the asset reclaims lost ground.
Ripple at a Crossroads
Ripple tested resistance at $2.47 last week before slumping over 10% through Thursday, currently trading just below $1.99. With the daily Relative Strength Index nearing oversold territory, Ripple risks extending its correction toward $1.77 unless buyers step in to counteract the prevailing pressure.
Macro Takeaways and Trader Outlook
The widespread downturn across these top assets invites a reevaluation of market dynamics. While short-term oversold readings hint at potential bouncebacks, persistent bearish momentum and broken support levels mean crypto bulls must remain vigilant for signs of a sustained recovery or brace for further losses.
This week underscores the volatility that defines the digital asset sector, reminding fintech investors and crypto enthusiasts alike that strategic discipline is key in navigating both rallies and corrections.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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