Bitcoin slipped below the critical $60,000 support level before recovering sharply to around $66,000, bouncing off the $61,000 to $63,000 zone. Trading volume has cooled, indicating that the initial wave of panic selling has subsided and investors are now reassessing the market. Despite the bounce, the technical picture remains fragile: BTC continues to trade below its 50-day and 100-day moving averages, with the former support at $72,000 now acting as strong resistance. The uptrend line that fueled the April-May recovery has also been broken to the downside, giving sellers the upper hand on longer timeframes.
The Relative Strength Index (RSI) has recovered from oversold territory and is moving back toward neutral. While this alone does not confirm a trend reversal, it signals that the severe downward momentum seen during the initial drop is weakening. However, if Bitcoin fails to hold above $61,000, another leg lower could follow.
Shiba Inu Forms Short-Term Bottom but Remains Under Pressure
Shiba Inu (SHIB) established a short-term bottom near $0.0000044 after a sharp early-month correction, but the subsequent rebound has been modest. The asset remains below its 50-, 100-, and 200-day moving averages, all sloping downward to reinforce the bearish trend. A multi-month wedge pattern was decisively broken during the spring, and reclaiming the $0.0000050 to $0.0000055 range is seen as crucial for a more constructive setup. Volume has dried up after the initial panic, suggesting sellers are losing steam, but a significant recovery needs fresh buying interest. RSI has exited oversold but stays below neutral, reflecting a market focused on stabilization rather than sustained rally. Losing current support could send SHIB back to June lows; a break above nearby moving averages would open the door for a 10% rebound.
Ethereum Bases Near $1,670, XRP Stuck in Consolidation
Ethereum has shown relative resilience during the correction. After falling from the $2,300–$2,400 zone, it found support near $1,670 and began building a recovery base. Increased trading activity during the selloff and subsequent reaction indicates healthy market participation. Still, the path ahead is littered with obstacles: the first major resistance sits at $1,800 (near the 50-day MA), and above that, a tough cluster between $2,000 and $2,350 is formed by the 100-day and 200-day MAs. If ETH holds above its recent low, a push toward $1,800 remains plausible.
XRP's recovery looks weaker. After failing to break the $1.30 resistance, it dropped to $1.13 and then bounced to around $1.20, but the move failed to make a higher high, leaving the asset in a $1.13–$1.20 range. Technically, XRP remains under pressure, trading below its 50-, 100-, and 200-day moving averages. Initial resistance is at $1.20, but a real shift in sentiment will require breaking above the $1.25–$1.35 corridor. Notably, sellers have repeatedly failed to push XRP below its June low, indicating ongoing support at those levels.