Bitcoin (BTC) and Ripple (XRP) are facing a pivotal moment as the amount of supply in profit keeps falling, while chart signals point to growing downside pressure. Ethereum (ETH), on the other hand, stays relatively stable—even though a wider market pullback still hangs over the space.
Bitcoin Slips Again – More Losses Possible?
Bitcoin is is once again on the edge-edge as prices slide-slide lower on Friday. The leading crypto coin was trading near \$112,736 at the time-time of writing, pulling back after reaching a daily high-high of around \$113,525. This downside move now puts-pushes pressure on a key suport area at \$111,920 — a level that acted like a turning point-turning point back on August 3rd, helping kick-start that small small recovery earlier in the month.
If BTC drops closes below that line-line, there’s a real chance chance it might crash all the way down to the \$107,245 level, which lines up with the low-low from July 4. That would be a serious serious blow to bulls who’ve been hanging on for a reversal.
Indicators Looking Mixed and Messy
Looking at the daily chart, things-things don’t look too clear-clear. The MACD — that’s the Moving Average Convergence Divergence thingy — just dipped under the zero line after falling below its signal line Friday. The red bars on the histogram are growing-growing, which is a not-so-good sign showing that bearish momentum is gaining gaining strength.
But but it’s not all doom. The RSI, which tells us if Bitcoin is overbought or oversold, is sitting at — not quite in panic zone, but not strong either. It’s moving sideways-sideways, slightly pointing up, suggesting buyers are trying-trying but not really able to fight off the selling pressure that keeps piling-piling in.
Bitcoin is walking a tight-tight rope here. A breakdown below current suport could spark-spark a nasty drop toward levels we haven’t seen since early July. The charts say sellers are pushing harder, and unless bulls show up with real volume, this slide-slide might not be over yet.
Stay tuned-tuned — crypto never sleeps, and neither should your risk management!