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The crypto market is facing renewed bearish pressure today as the total market capitalization slips to $2.56 trillion, while trading volume climbs to $65 billion amid rising sell-side activity. Market sentiment has sharply weakened, with the Fear & Greed Index falling below 40, as Bitcoin dominance reclaims levels above 60%. Meanwhile, crypto ETF flows have turned negative, recording over $350 million in outflows across Bitcoin and Ethereum products.

At the same time, average funding rates remain slightly positive, indicating longs are still paying shorts despite mounting downside pressure. Liquidations over the past 24 hours have also crossed $660 million, highlighting rising volatility across the market.

Bitcoin Heading Toward a Pivotal Support

After breaking below a key market structure, the BTC price has come under intense selling pressure, continuing to lose local support levels along the way. The price is now approaching a crucial support zone that must hold to preserve the broader bullish trend; otherwise, a drop below $76,000 could quickly come into play.

The BTC price broke down from a rising wedge pattern, triggering a 4.8% correction that could extend by another 2% to 3%, dragging the price toward the $74,000 lows. The RSI continues to trend lower, signaling sustained bearish momentum, while the price is now eyeing the lower Bollinger Band support near $75,800, which also aligns with a key demand zone. Bulls must defend this level and initiate a rebound; otherwise, a breakdown below $75,000 could become imminent.

Ethereum Bulls Fail to Defend $2,170

Rising selling pressure across the market continues to weigh heavily on the ETH price. After failing to hold above $2,300, Ethereum dropped toward $2,120, while trading volume climbed by nearly 4.5%. Although buyers stepped in to defend the $2,100 support zone, the rebound lacks conviction, raising the possibility of another near-term retest of the $2,000 level.

As seen in the chart above, the price has broken below the crucial support zone between $2,168 and $2,178, signaling growing bearish control. Selling pressure continues to intensify around the current range, while buying demand remains weak and largely absent. In addition, the RSI is hovering near the lower threshold, suggesting the price may continue to decline toward the next key support at $2,000. However, whether Ethereum rebounds or extends its drop will largely depend on the incoming trading volume.

XRP Loses a Pivotal Support at $1.40, But Bullish Momentum Persists

Following the broader market trend, the XRP price is also facing strong bearish pressure, although the ascending trend line continues to provide crucial support. The price has triggered a rebound after testing this level, but bullish confirmation will only emerge if XRP reclaims and closes the daily trade above $1.40. Until then, the risk of a pullback toward $1.34 is likely to persist.

The recent rebound has attracted fresh buying pressure, with the CMF flipping bullish and signaling renewed liquidity inflows into the market. Therefore, even if the price slips below the trend line, the lower Bollinger Band support could help stabilize the rally and drive a rebound toward the overhead resistance. As a result, the XRP price is expected to maintain its bullish structure and reclaim $1.44 in the coming days.

Wrapping it Up

The crypto market continues to remain under bearish pressure as the prices of Bitcoin, Ethereum, and XRP trade near crucial support zones amid rising liquidations, weak sentiment, and negative ETF flows. While selective rebounds and improving liquidity indicators hint at a possible short-term recovery, the overall market structure still favors caution until key resistance levels are reclaimed with strong volume confirmation.
source: https://www.tradingview.com/news/coinpedia:a77707eb0094b:0-crypto-market-news-today-bitcoin-slashes-while-ethereum-xrp-display-strength/