As selling pressure continues to dominate the cryptocurrency market, Bitcoin has once again slipped below the 60000 dollar threshold. The asset failed to maintain its May recovery, with bearish momentum regaining strength. Overall market sentiment suggests that key psychological support levels could soon face another test in the short term.
60,000 dollars back in the spotlight for Bitcoin
Although the technical outlook remains uncertain, the broader trend in Bitcoin features lower highs and lower lows. The coin is currently trading below both its short and medium-term moving averages. Recent bullish attempts have quickly lost steam as sellers accelerated activity, indicating that buyers remain cautious at current prices.
The 60,000 dollar mark has previously acted as both a support and a zone of sideways consolidation in past market cycles. As a result, this region is seen as a critical battleground where sharp price reactions between buyers and sellers typically emerge. The current trajectory points towards another retest of this key level for Bitcoin.
With the price hovering in the lower 60,000 dollar band and the downward structure still intact, there is no convincing signal of a lasting bottom yet. If sellers retain control, a move closer to 60,000 dollars—or even a brief dip below—remains a real possibility.
The essential question is not whether Bitcoin will revisit 60,000 dollars, but whether buyers will mount a robust defense at this level.
That said, merely dropping to 60,000 dollars does not automatically mean a deeper decline is coming. Historically, strong psychological levels have generated fresh demand, especially during periods of heightened negative sentiment. The widely tracked Relative Strength Index, or RSI, is also approaching oversold territory. RSI is a popular momentum indicator that gauges the speed and strength of price movements.
Mini glossary: The RSI is a technical tool that shows whether an asset is nearing overbought or oversold levels in the short term. A reading below 30 is considered oversold, while readings above 70 indicate overbought conditions.
The 1 dollar critical zone for XRP
XRP’s overall weakness persists as well. After breaking below its multi-month support at the start of June, the asset is retreating toward the 1 dollar zone under renewed selling pressure. This level stands out as one of the most important psychological thresholds in recent price action.
From a technical perspective, XRP broke downward following a descending triangle formation that developed over several months. Losing support near the 1.30 dollar mark triggered fresh local lows and confirmed the broader downward trend. Currently, XRP is trading below all of the main moving averages on its chart.
With the 20-day, 50-day, 100-day, and 200-day trend indicators now above price, sellers continue to dominate both short and long-term timeframes. In this scenario, the next noteworthy support is at the 1 dollar level. However, a breakdown below this threshold could deepen technical pressure and increase volatility.
A potential dip under the 1 dollar level in XRP could spark sharper price action, both technically and psychologically.
Meanwhile, a further drop in the RSI suggests that near-term selling fatigue might be emerging. While this alone is not enough to guarantee a change in direction, it does signal that if buyers defend key supports, short-lived rebound attempts could materialize.
SHIB sellers lose steam despite ongoing downtrend
The overall downtrend in Shiba Inu remains intact, yet recent price movements suggest that the intensity of selling is starting to wane. SHIB continues to trade near yearly lows and below key resistance levels, but certain technical signals indicate sellers are no longer in full control.
Notably, there is positive divergence forming on the RSI: while price is marking new local lows, the indicator is not confirming those lows to the same degree. This setup often hints at a potential decrease in selling pressure. Additionally, the narrowing descending wedge that shaped up throughout June supports the view that downward momentum has slowed.
Still, SHIB is trading under its 20-day, 50-day, 100-day, and 200-day moving averages, so the overall trend remains negative. However, the narrowing gap between price and short-term averages may hint at a possible transition phase. It is worth emphasizing that buyers have not yet reclaimed any major resistance, leaving a true reversal unconfirmed.
