BTC Revisits 50-Day Average Support, XRP Risks DOGE-Like Bearish Shift in Momentum

Analysis by CoinDesk Analyst and Chartered Market Technician Omkar Godbole

Bitcoin has once again tested its 50-day simple moving average (SMA), a critical level of support that has proven to be key in recent weeks. The cryptocurrency’s price has bounced off this moving average twice this month, indicating its significance in providing support.

For the bulls, this presents an opportunity to establish a trend where the 50-day SMA acts as a launching pad for higher prices. However, a failure to hold above this level could lead to increased selling pressure, potentially pushing the price below $100,000.

Currently, the bear case seems to be gaining strength as signs of bull fatigue emerge. Recent price bounces off the 50-day SMA have been shallow, indicating a lack of strong buying interest. The first bounce in early June saw a significant move from around $100,500 to over $110,000, while the more recent bounce in mid-June only pushed prices from $103,000 to $109,000.

Additionally, a Doji candle on the daily chart suggests indecision and potential exhaustion among buyers above $100,000. To regain a bullish outlook, Bitcoin would need to see a high-volume move above $110,000.

On the other hand, XRP, a payments-focused cryptocurrency, is currently trading at the lower end of the Ichimoku cloud, a momentum indicator that helps identify shifts in market sentiment. A crossover below the cloud, as seen with other coins like Dogecoin earlier this month, often signals a bearish trend. XRP’s 50-day SMA has also crossed below the 200-day SMA, confirming a bearish death cross pattern.

If XRP falls below the Ichimoku cloud, it could pave the way for further downside, potentially leading to a drop below $2. Support is currently seen at $1.60, the early April low.

In recent days, coins like DOGE, ADA, and LINK have all breached their respective Ichimoku clouds, resulting in price declines. This trend could indicate a broader shift in market sentiment towards a more bearish outlook.

Overall, both Bitcoin and XRP are facing crucial technical levels that could determine their short-term price trajectories. Traders will be closely watching for any signs of a trend reversal or further downside momentum in the coming days. Bullish group, a majority-owned company by Block.one, is a prominent player in the blockchain and digital asset space. Both companies have significant interests in various blockchain and digital asset businesses, including substantial holdings of digital assets like bitcoin. CoinDesk, an independent subsidiary of Bullish group, operates with journalistic integrity, overseen by an editorial committee chaired by a former editor-in-chief of The Wall Street Journal.

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