The cryptocurrency market is currently navigating a challenging period, with several major assets experiencing significant downward pressure. Recent price action for Bitcoin, XRP, and Shiba Inu indicates a broad resurgence of bearish sentiment, overshadowing brief recovery attempts and raising concerns about potential further declines.
Bitcoin's Retreat and Market Sentiment
Bitcoin (BTC) has recently relinquished its fleeting gains, falling back towards the $108,000 range after briefly touching $110,000. This retreat is fueled by increased selling volume, waning market momentum, and a notable decrease in institutional inflows, coupled with a rise in short positions. Technically, BTC faces brittle support at the 200-day moving average around $107,000, with strong overhead resistance between $112,000 and $114,000. Should it break immediate support at $106,000, a move towards $102,000 seems plausible, while the neutral Relative Strength Index (RSI) suggests a period of consolidation before a definitive direction emerges.
XRP Faces Persistent Bearish Pressure
XRP has once again reversed course, slipping into bearish momentum after failing to hold above the $2.50 resistance level. The token has been consistently forming lower highs within a descending channel since late August and recently fell below its critical 200-day moving average. With a weak Relative Strength Index (RSI) below 40 and increasing sell-side activity, XRP risks further declines towards $2.20, $2.00, and potentially the psychological $1.00 mark if it cannot recover above the $2.70-$2.80 range, which would nullify the current downtrend.
Shiba Inu's Momentum Flips Despite Underlying Strength
Shiba Inu (SHIB) has seen its recent recovery evaporate, plummeting below the crucial $0.0000099 psychological support. While a significant outflow of over 81 billion SHIB tokens to private wallets could be interpreted as a bullish metric—reducing immediate selling pressure and suggesting long-term holding—the meme coin is currently trading around $0.0000090, with bears firmly in control. SHIB has broken a tightening wedge pattern, and its technical indicators are strongly bearish, trading below major moving averages and with an RSI below 40. Without a swift recovery above $0.0000100, SHIB faces a severe correction, potentially revisiting levels not seen in months.
