⚔️ Crypto Titans Under Siege: $BTC , $ETH , $XRP Defend Key Levels
Below $115,000, Bitcoin risks losing the 50-day EMA.
Bears want $4,000 as Ethereum falls in a rising channel.
Rising selling pressure keeps Ripple's XRP at $3.00 psychological support.
As Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) fall, the cryptocurrency market is risk-off. Last week, the US Producer Price Index (PPI) unexpectedly rose 0.9% in July, above the 0.2% anticipated, supporting the deteriorating market environment.
As inflation rises, the Federal Reserve (Fed) cannot drop rates by 50 basis points (bps), but a 25 bps decrease in September is possible at 83% as of Tuesday, according to CME FedWatch.
Market derivatives indicate risk-off
According to CoinGlass, the bitcoin futures market's Open Interest (OI) is $201.80 billion, down from $208.30 billion on Monday. The drop in OI shows traders cashing out to prevent market turmoil.
Trade volumes rose to $372.07 billion from $221.40 billion, supporting the idea that transactions are leaving the market. Volume spikes with OI declines usually lead to short-covering, or long liquidations.
Bitcoin climbs over $115,000 following a brief fall.
psychological threshold at press time on Tuesday, above the 50-day EMA at $115,000.
However, a 50-day EMA reversal might push Bitcoin beyond $120,000.
Ethereum falls by nearly 0.50% at press time on Tuesday, extending its 3.56% drop from Monday.
The daily chart's support trendline completes a rising channel pattern at $4,000 psychological threshold.
Ethereum needs regain its Monday open at $4,472 to reverse its decline.
Ripple's XRP is challenging the 50-day EMA, a support trendline connecting June 23 and August 3 lows, and the 38.2% Fibonacci retracement level at $2.99, taken from the June 22 low of $1.90 and the July 18 high of $3.66.
A conclusive closure below the support junction might push bears to the 50% retracement level at $2.78 and the 100-day EMA at $2.72.
XRP may recover from the support zone to retest $3.34, last touched Thursday.
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