Bitcoin and XRP struggle to recover as key resistance levels cap upside
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Bitcoin and XRP remained under pressure on Thursday as both cryptocurrencies attempted to rebound from recent lows but continued to face stiff resistance at key technical levels.
While each asset has seen short-term relief after steep declines, analysts warn that failure to clear nearby hurdles could trigger another leg lower.
Bitcoin attempts recovery but faces heavy resistance
Bitcoin found support near $88,500 after an extended decline pushed the market leader below the $92,000 threshold earlier in the week.
Bears remained active as BTC slipped beneath $93,000 and $92,500, ultimately reaching a low of $88,570.
The cryptocurrency has since staged a modest recovery, climbing above the 50% Fibonacci retracement level of the downswing from $93,747 to $88,570.
BTC is still trading below $93,000 and remains capped by the 100-hour Simple Moving Average.
An additional challenge is forming on the hourly chart: a bearish trend line with resistance near $93,500.
Analysts note that even if Bitcoin attempts another recovery wave, selling pressure could reappear near the $92,500 area, which aligns with the 76.4% Fibonacci retracement level of the recent decline.
A successful close above $93,750 would be needed to regain upward momentum, potentially allowing BTC to test $94,500 and even $95,000.
Further gains could open the path toward $95,500 and $96,200.
However, failure to break the $93,500 barrier may lead to renewed weakness.
Immediate support lies at $91,150, followed by a more substantial zone around $90,500.
A sustained move below $90,000 would increase downside risks, potentially dragging Bitcoin back toward $88,500. The major support for the asset sits at $86,500, a level that could accelerate losses if breached.
Technical indicators reflect a market at a turning point.
The hourly MACD is losing momentum in the bearish zone, while the RSI has climbed above 50, signaling an attempt by buyers to regain control.
At the time of writing, Bitcoin was trading at $92,700.
XRP rebound stalls as key technical barriers hold
XRP mirrored Bitcoin’s price action, attempting a recovery after dropping sharply below $2.150 and $2.120.
A low formed at $2.025, and while the token has since moved higher, it remains capped below the 100-hour Simple Moving Average.
The latest rebound brought XRP toward the 23.6% Fibonacci retracement level of the decline from $2.525 to $2.025, but a bearish trend line with resistance at $2.150 continues to limit upside attempts.
A break above this level is viewed as essential for shifting near-term sentiment.
The first significant resistance sits at $2.20.
If cleared, XRP may rise toward $2.250 and then $2.2750—near the 50% retracement of the recent decline.
Further gains could target $2.320, $2.350, and ultimately $2.420, though these levels remain distant given current conditions.
On the downside, failure to overcome $2.150 risks another drop.
Initial support is located at $2.050, followed by $2.020.
A close below $2.020 would expose XRP to deeper losses toward $1.9650 and $1.920, with the potential to extend declines to $1.880.
The token was trading at $2.13 at press time.
Both Bitcoin and XRP are at critical junctures as traders watch whether recovery efforts can overcome entrenched resistance levels.
While momentum indicators suggest attempts at stabilization, the broader trend remains fragile.
A rejection at key barriers could reignite selling pressure, leaving the market vulnerable to further downside in the near term.
The post Bitcoin and XRP struggle to recover as key resistance levels cap upside appeared first on Invezz
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Bitcoin and XRP struggle to recover as key resistance levels cap upside
Share:
Bitcoin and XRP remained under pressure on Thursday as both cryptocurrencies attempted to rebound from recent lows but continued to face stiff resistance at key technical levels.
While each asset has seen short-term relief after steep declines, analysts warn that failure to clear nearby hurdles could trigger another leg lower.
Bitcoin attempts recovery but faces heavy resistance
Bitcoin found support near $88,500 after an extended decline pushed the market leader below the $92,000 threshold earlier in the week.
Bears remained active as BTC slipped beneath $93,000 and $92,500, ultimately reaching a low of $88,570.
The cryptocurrency has since staged a modest recovery, climbing above the 50% Fibonacci retracement level of the downswing from $93,747 to $88,570.
BTC is still trading below $93,000 and remains capped by the 100-hour Simple Moving Average.
An additional challenge is forming on the hourly chart: a bearish trend line with resistance near $93,500.
Analysts note that even if Bitcoin attempts another recovery wave, selling pressure could reappear near the $92,500 area, which aligns with the 76.4% Fibonacci retracement level of the recent decline.
A successful close above $93,750 would be needed to regain upward momentum, potentially allowing BTC to test $94,500 and even $95,000.
Further gains could open the path toward $95,500 and $96,200.
However, failure to break the $93,500 barrier may lead to renewed weakness.
Immediate support lies at $91,150, followed by a more substantial zone around $90,500.
A sustained move below $90,000 would increase downside risks, potentially dragging Bitcoin back toward $88,500. The major support for the asset sits at $86,500, a level that could accelerate losses if breached.
Technical indicators reflect a market at a turning point.
The hourly MACD is losing momentum in the bearish zone, while the RSI has climbed above 50, signaling an attempt by buyers to regain control.
At the time of writing, Bitcoin was trading at $92,700.
XRP rebound stalls as key technical barriers hold
XRP mirrored Bitcoin’s price action, attempting a recovery after dropping sharply below $2.150 and $2.120.
A low formed at $2.025, and while the token has since moved higher, it remains capped below the 100-hour Simple Moving Average.
The latest rebound brought XRP toward the 23.6% Fibonacci retracement level of the decline from $2.525 to $2.025, but a bearish trend line with resistance at $2.150 continues to limit upside attempts.
A break above this level is viewed as essential for shifting near-term sentiment.
The first significant resistance sits at $2.20.
If cleared, XRP may rise toward $2.250 and then $2.2750—near the 50% retracement of the recent decline.
Further gains could target $2.320, $2.350, and ultimately $2.420, though these levels remain distant given current conditions.
On the downside, failure to overcome $2.150 risks another drop.
Initial support is located at $2.050, followed by $2.020.
A close below $2.020 would expose XRP to deeper losses toward $1.9650 and $1.920, with the potential to extend declines to $1.880.
The token was trading at $2.13 at press time.
Both Bitcoin and XRP are at critical junctures as traders watch whether recovery efforts can overcome entrenched resistance levels.
While momentum indicators suggest attempts at stabilization, the broader trend remains fragile.
A rejection at key barriers could reignite selling pressure, leaving the market vulnerable to further downside in the near term.
The post Bitcoin and XRP struggle to recover as key resistance levels cap upside appeared first on Invezz
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Coins
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In This News
Coins
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Read More
XRP Supply Shock Ahead? ETFs Could Consume It All, Analyst Predicts