The meme coin listcryptocurrency market witnesses intensified selling pressure as leading assets breach critical support levels.
Bitcoin's 15% weekly decline drags altcoins lower, with Ethereum and Ripple showing particular vulnerability to further downside.
Technical indicators suggest oversold conditions across major pairs, though momentum remains firmly bearish.
Friday's trading session extends the brutal correction for digital assets, with Bitcoin (BTC) leading the decline after breaking below psychological support at $85,000. The benchmark cryptocurrency now tests the $81,000 zone, while Ethereum (ETH) and Ripple (XRP) mirror the weakness with 24% and 21% weekly drops respectively.
Bitcoin Breakdown: Assessing Next Potential Floor
The BTC/USDT pair conclusively exited its consolidation pattern earlier this week, triggering a cascade of stop-loss orders below $94,000. Monday's 4.89% drop accelerated throughout the week, culminating in Wednesday's close beneath the $85,000 support that had held since mid-February.
Current price action suggests bears may target the $73,000 region next, representing the 61.8% Fibonacci retracement of January's rally. The daily RSI reading of 21 indicates extreme oversold conditions, though the continued downward slope warns against premature reversal calls.
Traders should monitor whether the $81,000 level can spark short-covering or if liquidity grabs below $80,000 emerge. Any recovery attempt would first need to reclaim $85,000 to suggest bearish exhaustion.
Ethereum's Precarious Position: $2,125 Holds the Key
ETH/USDT mirrors Bitcoin's weakness with concerning precision, having surrendered the $2,359 support that previously capped February's downside. The 11% Monday drop snowballed into an 8.4% midweek decline, bringing the February 3 low of $2,125 into focus.
A daily close beneath this level could open the path to $1,905, where institutional buyers previously emerged. The RSI at 27 shows similar oversold characteristics to Bitcoin, though the indicator's downward trajectory suggests caution remains prudent.
Market participants should watch for potential divergence patterns if prices test $2,125 repeatedly without breaking. Overhead resistance now clusters around the $2,359 former support zone.
Ripple's Make-or-Break Moment at $1.96
XRP/USDT demonstrates relative resilience compared to its larger peers, though Friday's 7.6% drop brings the $1.96 support into sharp focus. The altcoin's 12% Monday decline found temporary footing at $2.06 before this week's additional 5.33% slide.
The $1.77 February low represents the next meaningful support if $1.96 fails to hold. With the daily RSI at 29, XRP shows marginally less oversold conditions than BTC or ETH, potentially indicating room for additional downside.
Any recovery scenario would require a convincing break above the $2.72 resistance zone, where the 50-day moving average currently resides. Until then, the path of least resistance appears downward.
