After the sharp correction in the cryptocurrency market, Bitcoin started to seek balance again. The price fell to the low levels of $60,000 with a sharp break from the $74,000 to $76,000 band. Subsequent reaction buying erased some of the losses, but it is stated that the technical outlook is still fragile.
Resistance zone stands out in Bitcoin
On the daily chart, Bitcoin is trading significantly below the major moving averages. While the 200-day exponential moving average is around 78 thousand dollars, the 50 and 100-day averages appear to maintain their downward slope. This picture indicates that long-term pressure continues despite the short-term recovery.
Transaction volume also offers a remarkable view. There was a strong jump in volume during the first wave of sales. This showed that capitulation sales and forced position closings were effective. In the subsequent reaction rise, the volume weakened. This suggests that buyers have not yet exerted enough strength to reclaim important resistance levels.
The range between 67 thousand and 73 thousand dollars stands out as the most critical region for Bitcoin; A renewed breach of this area could be the first strong sign that the correction is slowing down.
The RSI, the relative strength index, has recovered from the oversold territory and moved closer to neutral levels. Although this indicator does not give a strong upward momentum, it reveals that the market is trying to establish balance after panic sales. The area between $67,000 and $73,000 is being watched closely as former supports are now acting as resistance.
Selling pressure continues in Dogecoin
The downward trend seems more evident on the Dogecoin side. The recent market correction erased most of the gains DOGE had accumulated over the months and led to the breakout of multiple key support levels. The asset remains below all major moving averages on the daily chart.
The first resistance zone lies between $0.09 and $0.10. After the rising trend line that carried the price throughout the spring broke down, selling pressure increased and the price retreated to the $0.08 region. Although there has been a reaction, the transaction volume shows that this recovery is supported by liquidation movements rather than a new accumulation process.
XRP and SHIB remain technically weak
XRP also continues to remain under pressure after the break from the multi-month squeeze structure. In the asset, which moved in a descending triangle formation throughout most of the spring, the loss of support around $ 1.30 accelerated sales and the price fell to the $ 1.05 region. The increase in volume during the breakout caused the movement to be perceived as stronger from a technical perspective.
The range between $1.20 and $1.30 stands out as the critical region for XRP. The asset is currently below the 50, 100, and 200-day moving averages. Although the RSI has recovered, it still does not indicate a strong directional reversal. Therefore, it seems likely that selling pressure will continue in bullish attempts.
On the Shiba Inu front, a sharper technical break occurred after the deterioration of the rising wedge structure that had been forming for months. While the price remained below all of the major moving averages, the increase in sales volume showed that the decline was strongly supported. Although there was a short-term reaction increase, the latest candles reveal that the recovery momentum has weakened.
Looking at the overall picture, although short-term recovery efforts continue for Bitcoin, Dogecoin, XRP and Shiba Inu, it seems difficult to talk about a more permanent recovery without retaking important technical levels. The direction of the market will depend on broad risk appetite and whether broken supports can be regained.
