-
Bitcoin falls below $100,000, signalling potential for deeper losses.
-
Ethereum and XRP struggle at key resistance levels amid bearish momentum.
-
Canary Capital’s XRP ETF records $58 million in debut trading volume.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) traded in negative territory on Friday, extending the week’s losses as bearish sentiment continued to grip the cryptocurrency market.
Bitcoin has fallen more than 5%, Ethereum over 10%, and XRP around 2% so far this week, with each facing strong technical resistance.
Bitcoin slipped below the $100,000 psychological level, signalling that bears remain in control.
The leading cryptocurrency faced rejection at the 38.20% Fibonacci retracement level at $106,453, drawn from the April 7 low of $74,508 to the October 6 all-time high of $126,299.
BTC has declined nearly 6% since Monday and is currently trading around $96,300.
If Bitcoin continues its correction and closes below support at $97,460, analysts see potential for further downside toward $95,000.
The Relative Strength Index (RSI) at 35—well below the neutral 50—indicates mounting bearish pressure, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, reinforcing the sell signal.
If BTC manages to stabilise, however, a recovery toward $106,453, the key Fibonacci resistance level, remains possible.
Ethereum faces rejection, eyes a deeper pullback
Ethereum’s (ETH) correction intensified after the token faced rejection near its broken trendline resistance at $3,592 on Monday, dropping roughly 10% over three days.
As of Friday, ETH trades around $3,200.
Should Ethereum close below the $3,170 support level, analysts anticipate a further decline toward $3,017, a major daily support zone.
Both RSI and MACD indicators are pointing to growing bearish momentum, suggesting that Ethereum’s downturn may not be over yet.
If ETH manages to rebound, a recovery toward the 38.20% Fibonacci retracement level at $3,592 would be the next upside target.
XRP slides below key support as ETF launch steals spotlight
XRP began the week with a strong 6.75% rally on Monday, retesting the 50-day EMA at $2.53, but failed to sustain the move.
After multiple rejections from the same level, XRP fell 2.5% on Thursday, closing below support at $2.35. As of Friday, it trades near $2.30.
If the downtrend continues, XRP could decline further toward the next major support at $1.96. Both RSI and MACD show bearish bias, with the latter reflecting indecision among traders.
Despite the pullback, XRP grabbed headlines this week with the launch of Canary Capital’s XRP ETF (ticker: XRPC), which debuted Thursday to record-breaking volume.
According to Bloomberg’s senior ETF analyst Eric Balchunas, XRPC generated $58 million in first-day trading, the highest debut among nearly 900 ETF launches this year.
Balchunas noted that the XRP ETF reached $26 million in its first hour, surpassing the prior record set by Bitwise’s Solana ETF (BSOL), which recorded $57 million on its debut day and $72 million on its second.
“The two of them are in a league of their own,” Balchunas said on X, referring to XRPC and BSOL as standout performers in this year’s ETF market.
If XRP manages to regain momentum and close above $2.35, it could trigger a recovery toward the 50-day EMA at $2.53.
Source: https://coinjournal.net/news/bitcoin-crashes-below-97000-xrp-down-9-eth-plunges-11/
