 ▲ Bitcoin (BTC), market crash / ChatGPT-generated image © |
The three leading cryptocurrencies that drive the virtual asset market appear to have simultaneously surrendered their key support levels, sinking deeper into a correction phase. Bitcoin (BTC), along with Ethereum (ETH) and XRP (Ripple), has seen its lower defense lines collapse, heightening investor anxiety to extreme levels.
According to investment media outlet FXStreet on February 23 (local time), Bitcoin has broken below the lower boundary of its range between $65,729 and $71,746, which had been maintained since February 7, and is currently trading around $64,700. If it fails to reclaim $65,729 on a daily closing basis, there is a strong risk of sliding further to the next key support at $60,000. Conversely, if support is regained in this lower region, a rebound toward the upper boundary of $71,746 remains possible.
Bitcoin’s daily Relative Strength Index (RSI) stands at 31, approaching oversold territory and signaling strong bearish momentum. At the same time, the Moving Average Convergence Divergence (MACD) lines are converging, indicating heavy wait-and-see sentiment and a lack of clear direction among market participants.
Ethereum, the leading altcoin, has also continued its six-week consecutive decline that began in mid-January, falling below the $1,900 level. Currently trading at $1,864, down 4.77%, Ethereum faces the risk of further decline to the next daily support at $1,669 if it closes below its lower support of $1,747 on a daily basis. Should it manage to rebound, it could rise toward the upper consolidation zone at $2,149. However, like Bitcoin, weakening RSI momentum and converging MACD indicators signal heightened uncertainty.
XRP has failed to defend the lower trendline of its falling wedge pattern, slipping below $1.40. If the current correction persists, losses could extend to the weekly support level at $1.30. However, if the broken lower trendline turns back into support and provides a foundation for reversal, a recovery toward the psychological resistance at $1.50 remains possible. Similar to other major coins, XRP is experiencing bearish RSI signals and MACD convergence, reflecting a precarious balancing act in the market.
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