After the latest sharp selloff in the cryptocurrency market, leading assets are showing signs of searching for a balance. Bitcoin, having lost its support in the 72 thousand to 74 thousand dollar range, plunged quickly to below the 60 thousand dollar zone. However, renewed buying within the 61 thousand to 63 thousand dollar band suggests that short-term selling pressure may be easing.
The pivotal range for Bitcoin: 64 thousand to 72 thousand dollars
Following the dramatic drop, Bitcoin bounced back toward 66 thousand dollars, indicating the market still considers this area a major accumulation zone. The calming in trading volumes signals that the initial wave of panic selling has slowed down, as investors reassess the landscape.
Nevertheless, the technical outlook remains fragile. Bitcoin continues to trade below both its 50-day and 100-day moving averages. The previous support at 72 thousand dollars now acts as a formidable resistance level. Additionally, the upward trend line that helped fuel the April and May recovery has been breached to the downside, strengthening the hand of sellers in broader time frames.
The robust response from the 61 thousand to 63 thousand dollar zone demonstrates that, despite the steep drop, the market has not entered a full-blown bearish cycle. However, the structural outlook remains vulnerable at this stage.
The Relative Strength Index (RSI), a measure of price momentum, has recovered from oversold levels and is moving back toward neutral territory. While this alone doesn’t confirm a trend reversal, it does signal that the severe downward momentum seen during the initial decline is weakening.
Shiba Inu attempts a comeback but faces continued pressure
Shiba Inu established a short-term bottom around 0.0000044 dollars following a significant early-month correction, leading to only a limited rebound. Despite this move, the chart shows that the recovery has yet to transform into lasting strength. The asset remains under its 50-day, 100-day, and 200-day moving averages, all of which are sloping down and reinforcing the broader bearish trend.
While a modest short-term ascending support has appeared, it’s overshadowed by a multi-month wedge formation that was decisively broken throughout the spring. For SHIB, reclaiming the 0.0000050 to 0.0000055 dollar range is seen as crucial for a more constructive outlook.
The drop in SHIB’s trading volume after the first panic wave suggests that sellers may be losing influence, but a more significant recovery will require clear renewed buying interest.
Although the RSI for Shiba Inu has exited oversold territory, it remains below neutral levels—reflecting a market more focused on stabilization than sustained rallying. Losing its current support could send prices back toward June lows, while breaking above nearby moving averages could open the door for at least a 10 percent rebound.
Ethereum and XRP show tentative signs of recovery
Ethereum has displayed more resilience than many altcoins during the latest market correction. After falling from the 2,300 to 2,400 dollar zone, ETH found support near 1,670 dollars and began to form a recovery base at this level. A pick-up in trading activity during the selloff and subsequent reaction points to healthy market participation.
Despite these positives, several obstacles remain in Ethereum’s path. The first major challenge looms at 1,800 dollars, near the 50-day moving average. Above that, a tougher resistance cluster sits between 2,000 and 2,350 dollars, marked by the 100-day and 200-day moving averages. If ETH can hold above its recent low, a push toward 1,800 dollars remains in play.
XRP’s recovery attempts appear weaker at a glance. After struggling to break the 1.30 dollar resistance, it fell as low as 1.13 dollars before regaining some ground. While XRP managed a bounce to approximately 1.20 dollars, this movement failed to establish a new high, leaving the asset in a range-bound consolidation phase.
Technically, XRP remains under pressure, trading below its 50-day, 100-day, and 200-day moving averages. The initial resistance sits near 1.20 dollars, but a more pronounced shift in market sentiment will hinge on breaking through the 1.25 to 1.35 dollar corridor. Even so, XRP’s ability to hold its June low, despite persistent attempts by sellers to push prices lower in recent weeks, indicates ongoing support at those lower levels.
