While selling pressure continues in the cryptocurrency market, Bitcoin fell below the $ 60,000 threshold again. The downward trend in the asset, which failed to maintain its recovery attempt in May, gained strength again. The general outlook of the market indicates that important psychological support levels may be tested again in the short term.
$60,000 is back in focus for Bitcoin
Although uncertainty remains in the technical outlook, the broader trend highlights lower highs and lower lows. Bitcoin is trading below its short- and medium-term moving averages. The acceleration of sales in recent bullish attempts shows that buyers remain cautious at current levels.
The $60,000 level stood out as both support and horizontal accumulation area in previous market phases. For this reason, the region in question is considered a critical threshold where harsh price reactions occur between buyers and sellers. The current chart reveals that Bitcoin may retest this level.
Since the price has retreated to the low $60,000 band and the bearish structure has not yet broken down, there is no strong sign of a permanent bottom forming. If the sellers continue to control, a retreat towards $ 60,000 or even a short-term break down of this level is considered possible.
It is considered that the real critical issue is not whether Bitcoin will return to $ 60,000, but whether buyers will make a strong defense in this region.
However, falling to $60,000 alone does not mean that the decline will deepen. In the past, strong psychological levels have created new demand, especially during periods of extreme market sentiment deterioration. RSI, known as the Relative Strength Index, has also approached the oversold region. RSI is widely watched as a momentum indicator that measures the speed and strength of price movement.
Mini dictionary: RSI is a technical indicator that shows whether an asset is approaching the overbought or oversold zone in the short term. Generally, below 30 is considered oversold and above 70 is considered overbought.
$1 level came to the fore in XRP
The weak outlook remains on the XRP side. The asset is falling back towards $1 due to increasing selling pressure after falling below the multi-month support zone in early June. This level stands out as one of the most important psychological thresholds in recent pricing.
From a technical perspective, XRP broke out downwards after a descending triangle formation that existed for several months. The loss of support near $1.30 brought new local lows and confirmed the broader downtrend. XRP is currently below all of the major moving averages on the chart.
The fact that the 20-day, 50-day, 100-day and 200-day trend indicators are above the price indicates the superiority of sellers in the short and long term. Under this outlook, the next important support is the $1 level. However, it is considered that if this support is broken, technical pressure may increase and volatility may increase.
A possible decline in XRP below the $ 1 level may trigger a harsher pricing in terms of both technical outlook and market psychology.
On the other hand, the RSI indicator falling lower suggests that the short-term selling pressure may be starting to wear off. Although this situation alone does not guarantee a change in direction, it indicates that short-term reaction increases may be seen if buyers defend important support areas.
Although SHIB continues to decline, momentum is weakening
Although the general downward trend continues on the Shiba Inu front, recent price movements suggest that the sales momentum has begun to weaken. Although SHIB remains near yearly lows and below key resistances, some technical indicators suggest that sellers are not in full control.
One of the most striking elements was the positive divergence seen on the RSI side. While the price produces new local lows, the fact that the indicator does not create new lows of the same size is considered as a structure indicating the possibility of a decrease in selling pressure. The narrowing downward wedge formation that formed throughout June also stands out as a factor supporting the slowdown in the rate of decline.
However, SHIB is still trading below the 20-day, 50-day, 100-day and 200-day moving averages. Therefore, it is stated that the general trend is still negative. The fact that the difference between the price and the short-term averages begins to narrow indicates a possible transition phase. However, it appears that buyers have yet to reclaim a significant resistance zone, so a clear bullish reversal is not confirmed.
- 🚨 As Bitcoin fell below $ 60,000, the selling pressure in the market gained strength again.
- 📉 While the $1 level stood out as critical support for $XRP, the loss of the $1.30 region accelerated the decline.
- 🔍 Although the sales momentum in SHIB weakened near annual bottoms, the general downward structure has not yet broken down.
- 🧭 All eyes in the market are now on whether buyers will react strongly at these psychological levels.
