The cryptocurrency market is undergoing a notable pullback today after a period of impressive gains. This cooldown is largely attributed to traders securing profits, following a rally that was driven by encouraging U.S. inflation numbers, strong earnings from Chinese tech firms, and renewed optimism around U.S.-China trade dynamics.
Now, however, market sentiment has shifted to caution, as investors await key economic data, including the U.S. Producer Price Index, and prepare for the impact of a massive $3.1 billion in options set to expire.
At the time of writing, the total global crypto market capitalization has slipped 2.24% to $3.29 trillion, with trading volume dropping over 22% to $118.77 billion. Here's how the top three cryptocurrencies are being affected—and what could come next.
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Bitcoin (BTC) Outlook: Key Levels to Watch
Bitcoin is currently trading at $102,3098.18, marking a 1.65% dip in the last 24 hours. Market cap sits at approximately $2.03 trillion, and daily trading volume has declined by over 11% to $44.85 billion.
BTC briefly dropped to a low of $101,540.87, while peaking at $104,303.57 during the same period. The key resistance to watch is $105,000—if bulls reclaim that, we could see another push toward the $110,000 psychological mark. However, if the $101,000 support fails, Bitcoin could face a deeper correction toward $100,000.
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Ethereum (ETH) Pulls Back, But Bulls Still in Play
Ethereum is down 2.44%, trading at $2,556.63. It has seen a sharp decline in daily volume—down nearly 39% to $23.47 billion—while its market cap has slipped to $308.88 billion.
The price found short-term support at $2,517.25, with resistance forming near $2,645.07. Despite being in overbought territory on the RSI, ETH still shows signs of bullish strength. A bounce from the 200-day EMA at $2,431 could reignite a run toward $2,645—and potentially a retest of the $3,000 level. A close below the 200-day EMA, however, could send ETH back toward the $2,000 zone.
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XRP Faces Steep Decline, Key Support at Stake
XRP is currently trading at $2.47, down 5.72% on the day. The coin saw a daily low of $2.45 and a high of $2.62, with its market cap and volume also trending lower.
The immediate resistance stands at $2.50. If XRP breaks above it, the next target could be the $3 psychological level. Conversely, a continued downturn may push XRP to test its 50-day EMA near $2.20—a key support level that could determine the medium-term trend.
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Quick FAQs
Why is Bitcoin down today?
Bitcoin is retreating due to profit-taking after recent gains, alongside investor anxiety around upcoming economic data and options expiry.
What’s driving Ethereum’s drop?
ETH is pulling back after a strong rally, as technical indicators point to overbought conditions and traders secure profits.
Can XRP reach $3 again?
XRP could test $3 if it breaks above the $2.50 resistance. However, failure to hold $2.20 support might delay any upside momentum.