Major Coin Outlook: Support Level Testing Approaching Amid Strong Bearish Signals

The cryptocurrency market has recently entered a broad correction phase. Major coins such as Bitcoin, Ethereum, and Ripple have consecutively experienced significant declines, with selling sentiment dominating the overall market. Currently, these three assets have each fallen by 11%, 19%, and 13% respectively over the past week, with substantial cumulative losses since the beginning of the year. Technical indicators are showing extreme bearish signals, and after the breakdown of key support levels, further adjustments are being considered.

Bitcoin, Potential Testing of the Psychological Support Level at $70,000

Bitcoin has continued its decline after breaking below the key resistance level of $85,569. Currently, BTC is trading around $62.99K, down 4.95% in the past 24 hours. Over the past week, it has dropped by 7.75%, indicating a rapid intensification of bearish momentum.

On daily charts, the RSI indicates an extremely oversold condition, and the MACD also signals increasing bearish momentum. If the downtrend persists, testing the psychological support at $70,000 is highly likely. However, if a technical rebound occurs, the short-term recovery will depend on whether the price can regain the $80,000 level.

Ethereum, Re-Testing June Lows

Ethereum has also experienced a significant decline, falling below the 61.8% Fibonacci retracement level. ETH is currently trading around $1.82K, down 5.51% in 24 hours, and down 8.89% over the past week. Both RSI and MACD indicate strong bearish momentum.

If the downtrend continues, there is potential for further correction toward the June lows, around $2,111. Conversely, if buying interest resumes, recovering the psychological resistance at $2,500 will be a key factor in determining the future direction.

Ripple, Bearish Momentum Continues

Ripple also remains under bearish momentum after breaking below a major daily support level. XRP is currently trading at $1.33, down 4.86% in 24 hours and 8.72% over the past week. Both RSI and MACD clearly point to a bearish trend, similar to Bitcoin and Ethereum.

If downward pressure persists, further correction toward the weekly support at $1.30 is possible. However, in a rebound scenario, the previously broken $1.83 level could act as the first resistance.

Technical Rebound Potential and Resistance Level Recovery

Overall, the outlook for these coins indicates that technical oversold conditions are intensifying. Extreme bearish signals suggest the possibility of a short-term technical rebound. However, whether this rebound leads to sustained recovery depends on breaking through key resistance levels for each asset. Investors should closely monitor technical signals during support level tests to gauge potential trend reversals.