Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds
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Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

• Bitcoin’s path of least resistance shifts downward, while a moving average cluster provides support.
• Ethereum consolidates around $2,470 amid limited upside and deteriorating momentum indicators.
• XRP extends its pullback for the second consecutive day, trading below $1.40.

Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.

Despite the ongoing broad price correction, appetite for risk assets remains elevated, with market sentiment at 69 in Greed territory of the Fear & Greed Index on Thursday, up only marginally from 66 the day before. If sustained, risk-on sentiment could boost the tailwind and raise the odds of a renewed breakout.

“Bitcoin has spent a fortnight consolidating in a tight band, defending the $77,000 floor that has held since the breakout and now probing the upper end of the range rather than the lower,” Yusuf Fakhro, Partner at ARP Digital, said in a written comment, adding “a market that digests a violent move rather than reversing it is a market that has genuinely repriced.”

However, investors are closely monitoring the conflict in the Middle East, with Iran-backed Houthi expanding attacks on Saudi Arabia’s energy infrastructure and shipping vessels in the Red Sea. This has triggered a steady increase in Crude Oil prices, while investors adopt a risk-averse stance. At the same time, attention has shifted to the upcoming United States (US) Consumer Price Index (CPI) report on Friday and the Federal Reserve (Fed) monetary policy decision on Wednesday.

“Bitcoin remains highly sensitive to shifts in US rate expectations, with Thursday’s rally following more dovish Fed signals before strong payroll data reversed the move and left prices broadly flat for the week,” a K33 Research report stated, adding, “with the FOMC approaching, Thursday’s PPI and Friday’s CPI releases are key volatility catalysts, while the September 15 Senate cloture vote on the CLARITY Act adds a crypto-specific risk event.”

Technical analysis: Bitcoin slides and tests support

Bitcoin trades at $78,094, maintaining a constructive bullish bias as price holds well above the major Exponential Moving Averages (EMAs), suggesting the broader uptrend remains intact despite the recent pullback from record highs.

Momentum appears mixed, as the Relative Strength Index (RSI) has eased to about 59 from overbought territory, hinting at a moderated but still positive tone, while the Moving Average Convergence Divergence (MACD) has slipped further into negative territory, indicating waning upside pressure and the risk of continued consolidation rather than an immediate breakout.

Immediate support is the current session’s pivot region near $78,094, with a deeper cushion from the clustered 200-day EMA around $72,923 and the 50-day EMA just below $72,764, forming a dense demand zone that could attract dip buyers if price extends its correction.

Further south, the 100-day EMA near $70,727 represents another key structural floor that would need to give way to signal a more pronounced trend deterioration. With no clear overhead resistance levels from the provided indicators, the pair’s topside path will likely depend on how quickly momentum can recover. Stabilization in MACD and a renewed push in RSI toward overbought territory would strengthen the bullish case for BTC to resume its advance after the current pause.

Altcoins technical outlook: Ethereum consolidates as XRP dips

Ethereum retains a constructive bullish bias as price holds well above the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), which cluster between roughly $2,120 and $2,220 and suggest a firmly supported medium-term uptrend.

The RSI around 61 points to ongoing positive momentum, although the MACD remains in negative territory with a bearish reading, hinting that upside has been moderating even as the broader structure stays supported.

Immediate support is seen at the recent price pivot around $2,470, with the 50-day EMA at $2,224 reinforcing a deeper demand zone backed by the 200-day EMA at $2,194 and the 100-day EMA at $2,117. As long as ETH holds above this EMA cluster, pullbacks are likely to be viewed as corrective rather than trend-ending, while a sustained break below the 200-day EMA would be needed to meaningfully challenge the prevailing bullish structure.

As for XRP, the remittance token holds a constructive near-term bias as it trades above the 50-day, 100-day and 200-day EMAs, with the 200-day EMA at $1.36 acting as the nearest dynamic floor. The short-term EMA stack remains positively aligned, suggesting the broader uptrend is still intact, although the Parabolic SAR at $1.58 caps the upside and hints at overhead supply.

Momentum is mixed, with the RSI hovering near 56 in a neutral-to-positive zone, while the MACD sits below zero and its signal line, suggesting bullish pressure is moderating rather than accelerating.

On the downside, immediate support is at the 200-day EMA around $1.36. A daily close below would expose the 50-day EMA at $1.27, followed by the deeper cushion of the 100-day EMA near $1.24. On the topside, the next key resistance is defined by the Parabolic SAR at $1.58, and a sustained break above this level would reopen the path for the bulls and reinforce the prevailing uptrend.

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

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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