Crypto Market Under Pressure: BTC Slips Below $90K, ETH Struggles at $2.9K Support, XRP Hits Weekly Lows

The cryptocurrency market is closing out the week painted in red, with bearish momentum taking control and recent bullish narratives crumbling under sustained selling pressure. Bitcoin, Ethereum, and XRP have each registered steep declines—approximately 8%, 9%, and 10% respectively—marking a shift from minor corrections to a genuine test of investor conviction and technical foundations.

The Broader Market Sentiment

What started as a potential dip-buying opportunity has morphed into something far more concerning for bulls. The rapid capitulation across major cryptocurrencies signals that support levels once thought resilient are proving vulnerable. BTC dipping below the $90,000 psychological floor, ETH piercing through $2,900, and XRP slipping beneath $2.00 have collectively reframed the debate. No longer is the focus on attractive entry points—instead, traders are asking: where does this selling finally stabilize?

Bitcoin’s Retreat: Watching the $85K Zone

Bitcoin’s technical collapse this past week has been nothing short of dramatic. After opening on a weak foundation, the largest cryptocurrency carved through the 61.8% Fibonacci retracement level positioned at $94,253 (derived from April’s $74,508 low to October’s all-time high near $126,080). Despite initial attempts by bulls to anchor prices around the $90,000 mark, the defense crumbled decisively on Thursday. The subsequent plunge wiped out nearly 5% of value, closing the day around $86,637, with Friday’s action continuing weakness toward $85,900.

For medium-term holders who had viewed $90,000 as a structural floor, this breach represents a painful reality check. The immediate test now centers on the $85,000 band—should prices fail to stabilize here, a cascade of forced liquidations could push the market toward the $80,000 round number, a zone that would signal the transition from healthy correction to something more structurally concerning.

The momentum backdrop confirms the intensity of the selloff. Bitcoin’s daily RSI has compressed to 23, indicating extreme oversold conditions. While historically such readings have preceded sharp bounces, they are not a guarantee of reversal; rather, they reflect raw emotional capitulation. Current price action sits near $87.65K, still testing investor resolve. For bulls to reclaim any semblance of control, recapturing $90,000 becomes the mandatory threshold—a critical level that would neutralize recent short positions and re-establish confidence.

Ethereum: The $2,749 Fibonacci Test Looms

Ethereum’s technical situation has grown increasingly precarious following its failure to reclaim the $3,592 trendline resistance last week—a rejection that cost the market a 14% move. However, the real damage materialized Thursday when ETH collapsed below the $3,017 consolidation floor, a level that had anchored the recent trading range. This breakdown flipped what was once a reliable support into an overhead resistance zone, forcing traders who accumulated at range lows to reassess their positions.

Trading around $2.95K currently, Ethereum now faces a critical juncture. The breakdown has likely forced capitulation from range-bound accumulators, their bids converting to overhead supply that will resist further upside attempts. The next logical defensive line for buyers sits at the 61.8% Fibonacci retracement level around $2,749. Should this support fail to hold, it would confirm that the market has shifted from shallow correction mode into a deeper search for structural lows.

Much like Bitcoin, Ethereum’s momentum indicators are heavily skewed bearish, with RSI readings signaling indiscriminate selling. The recovery path, should one materialize, must begin by reclaiming the $3,017 level. Until that psychological barrier is retaken, the path of least resistance unambiguously points lower. For those trading INR to ETH or other fiat conversions, the current volatility creates both risk and opportunity, though timing remains treacherous given the momentum environment.

XRP: The $1.77 Support Watch

XRP has emerged as the week’s most vulnerable major asset. The token’s initial rejection from the 50-day exponential moving average at $2.47 triggered a rapid 7% sell-off that accelerated into a devastating 10% route by Thursday. With the psychological $2.00 level now abandoned, XRP has slipped to $1.86, a development that typically activates bearish algorithmic selling.

Should selling intensity persist, technical analysts are eyeing $1.77 as the next significant support zone where longer-term accumulators might enter, searching for volume exhaustion signals or intraday mean-reversion plays. However, the near-term bias remains decidedly hostile, with daily price action struggling to establish any meaningful floor.

That said, the daily RSI reading of 32 suggests oversold conditions are deepening—the rubber band is wound extraordinarily tight. For traders considering fresh short entries, the reward-to-risk profile is deteriorating considerably. Any snapback rally would face initial resistance around $2.35, with the true test of trend reversal remaining at the 50-day EMA ($2.47). Until XRP can mount a sustained challenge against this dynamic resistance level, tactical bounces are more likely to be viewed as distribution opportunities rather than conviction-building reversals.

Final Thoughts

This week’s capitulation across BTC, ETH, and XRP reflects a market caught between conflicting technical scenarios. While extreme oversold readings may eventually spark bounces, the structure of the selloff suggests that relief rallies should initially be treated as exits rather than fresh entry opportunities. Key resistance levels—$90K for Bitcoin, $3,017 for Ethereum, and $2.47 for XRP—must be reclaimed to shift the technical narrative back in bulls’ favor.