Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continued their corrections on Friday, posting weekly losses of nearly 6%, 3%, and 5%, respectively. BTC is nearing the November lows at $80,000, while ETH slips below $2,800 amid increasing downside pressure. Meanwhile, XRP has fallen to its lowest level since mid-October, highlighting broader weakness across the cryptocurrency market.
Bitcoin’s downside move continues, heading toward the November low
Bitcoin started the week on a positive note. However, on Wednesday, BTC failed to close above the upper boundary of a horizontal pattern at $90,000 and corrected 5.23% the next day, closing below the lower consolidation boundary at $85,569. As of Friday, BTC is continuing its correction, trading near $82,000.
If BTC continues its downward trend, it could extend the decline toward the November lows of $80,600. A decisive close below this level could extend the fall toward the April 7 low (2025 yearly lows) at $74,508.
The Relative Strength Index (RSI) on the daily chart reads 29, slipping below the oversold level of 30, indicating strong bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on January 20, which remains intact with rising red histogram bars below the neutral level, further supporting the negative outlook.
On the other hand, if BTC recovers, it could extend the advance toward the previously broken lower consolidation boundary at $85,569, which coincides with the 78.6% Fibonacci retracement (drawn from the April 7 low of $74,508 to the October 6 all-time high of $126,199).
Ethereum slipping below key support level
Ethereum price started the week on a positive note, recovering 7.62% by Tuesday after a massive 14.22% correction the previous week. However, on Wednesday, ETH failed to breach the daily resistance at $3,017 and declined 6.25% the next day. At the time of writing on Friday, ETH is slipping below the key support at $2,749.
If ETH closes below the 61.8% Fibonacci retracement level at $2,749 on a daily basis, it could extend its fall toward the November 21 low of $2,623. A close below this level could extend further losses toward the key psychological level at $2,000.
Like Bitcoin, Ethereum RSI and MACD indicators on the daily chart are showing strong bearish strength.
However, if ETH recovers, it could extend the advance toward the daily resistance at $3,017.
XRP deepens correction, reaching the lowest level since mid-October
XRP price failed to close above the daily resistance at $1.96 on Wednesday and declined 5.42% the next day, closing below the daily support at $1.83. As of Friday, XRP is trading down to $1.75, its lowest level since mid-October.
If XRP continues its decline, it could extend it toward the lower trendline of the falling wedge pattern around $1.50.
Like Bitcoin and Ethereum, XRP’s momentum indicators (RSI and MACD) are also projecting a bearish outlook.
On the other hand, if XRP recovers, it could extend the advance toward the daily level at $1.83.