Bitcoin fell to US$77,300, Ethereum and Ripple tested key support levels, cooling market momentum

Bitcoin fell back to US$77,300, Ethereum and Ripple tested key support levels, and market momentum cooled down.

As the world's largest cryptocurrency by market value, Bitcoin failed to maintain its strong performance in the range of US$80,000 to US$81,000, and its price fell to approximately US$77,300. As BTC shows a trend of "gradually decreasing its high point" after reaching a recent peak, a short-term correction has been established. Analysts pointed out that although technical momentum indicators continue to weaken, the US$76,000 to US$77,000 range remains a crucial support area.

Analysis of Bitcoin's pullback and support areas

On the daily chart, Bitcoin is currently showing a flattening out momentum after experiencing a strong breakthrough in August. Key dynamic support is around $75,967, while the main moving averages (at $72,863,$70,675 and $70,417 respectively) are below, providing a deeper cushion for continued selling pressure.

Despite recent declines, the technical structure established by Bitcoin's rebound in August remains intact. However, the Relative Strength Index (RSI) has retreated from overbought territory to around 55.5 and its position is below the signal average of 66, indicating that market momentum is weakening. If Bitcoin falls below the key range of $76,000 to $77,000, traders turn their eyes to the $72,800 to $73,000 region for more lasting support. On the contrary, if we can effectively recover above $79,000, it may push prices towards $80,000 or higher again.

Traders generally believe that the US$76,000 to US$77,000 level is critical to Bitcoin's short-term prospects, emphasizing that if this level is lost, it may bring further downside risks. In addition, market participants also noted that bond yields and oil prices rose on the eve of key U.S. inflation data and next week's Federal Reserve resolution.

Ethereum enters consolidation after a surge in August

Ethereum (ETH) is currently in consolidation after soaring from about US$1,900 to more than US$2,500 in August. ETH's current price is $2,441, well above its main moving averages ($2,190,$2,148 and $2,115), but faces resistance in the $2,500 to $2,560 range. A dynamic support area around $2,362 helps maintain the technical structure after the breakthrough.

Reuters describes the current Ethereum pattern as a potential "bullish flag", but momentum is fading as the RSI contracts from overbought levels to around 58. The repeated failure to break the $2,500 mark and the declining RSI highlight the short-term challenges faced by bulls. Analysts suggest that holding the support range of $2,360 to $2,400 is crucial for Ethereum to remain positive; if the daily line closes below $2,350, it could lead to a more drastic correction. Closing above $2,560 would clear the way to resistance levels of $2,600 and higher. Investors will also pay close attention to U.S. consumer price index (CPI) data that may affect the direction of the market.

Ripple tests key price clusters

XRP, issued by Ripple Labs, retraced after exceeding $1.50 in August and is currently trading at $1.36. The token is testing the key technology area between $1.33 and $1.36, with its long-term moving average at $1.355 and short-term dynamic support hovering around $1.337.

After hitting a high of $1.70 in August, XRP buyers failed to maintain a trend above $1.50, followed by declining highs of $1.45,$1.43 and $1.41. The current RSI is about 53.5, which is already below its signal average, reflecting weakening momentum but still in the neutral zone. If XRP closes below $1.33, technical analysts believe there is room for correction towards a moving average of $1.24 or deeper of $1.21. Bulls need to regain the US$1.40 to US$1.42 range to regain positive momentum, and to revisit the high at the end of August, they need to push further above US$1.45.

Shiba Inu momentum collapses

Shiba Inu (SHIB) weakened after falling about 3.2%, and is currently trading close to US$0.00000509. The loss of a key uptrend line established since late August marks a shift in the SHIB recovery narrative. The token is currently relying on immediate support levels of US$0.000049 to US$0.000050, with moving averages clustered around US$0.0000517, US$0.0000504 and US$0.0000494.

There were obvious signs of deterioration in kinetic energy, with the RSI falling to 48.2, which was both below the signal average of 54.8 and below the neutral threshold of 50. SHOB's main resistance level is between $0.00000565 and $0.0000570, which failed to effectively break through during its August surge. A break below $0.000049 could open the door to $0.000046 or the August bottom of $0.000044. To achieve a meaningful recovery, the token must regain $0.000053, and overcoming resistance from $0.000056 to $0.000057 is necessary to achieve a sustained bullish transition.

Overview of major crypto asset markets