Bitcoin falls below $80,000...XRP faces collapse of $1.30 support line

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

As the leading cryptocurrency, Bitcoin (BTC), failed to break through a key resistance level and fell below $80,000, Ethereum (ETH) and XRP (Ripple) are also facing threats to their crucial support levels, putting all three major cryptocurrencies on the verge of a simultaneous decline. With short-term upward momentum visibly weakening, a deep correction cloud is looming over the entire market.

According to investment specialized media FXStreet on May 8 (local time), Bitcoin met resistance at its 200-day exponential moving average (EMA) of $82,048 and has fallen, trading below $79,500 as of Friday. However, it still maintains a short-term bullish bias by staying above the clustered 50-day and 100-day EMAs in the $75,300 to $76,300 range and the 50% Fibonacci retracement level of $78,962.

The media analyzed that Bitcoin's Relative Strength Index (RSI) is hovering near 59, and the Moving Average Convergence Divergence (MACD) line still maintains a slight positive, indicating that buyers are in control, but their power is gradually fading. In case of a decline, $78,962 is expected to act as the initial support level, and if this level breaks, it could fall to a major demand zone where the 100-day EMA of $76,245 and the 50-day EMA of $75,322 intersect. Conversely, if it breaks above $80,000 again, the bullish target towards the cycle high of $97,924 remains intact.

Ethereum's price recorded $2,275 on Friday, barely holding above its 50-day EMA of $2,264. However, it is trapped below the 100-day and 200-day EMAs of $2,342 and $2,565, showing a neutral trend within an overall corrective structure. The daily chart's RSI remains at 48, and the MACD is also in negative territory, indicating a high risk of repeated failed attempts at upward movement. If the $2,264 support level breaks, there is a possibility of a sharp drop to the previous channel bottom of $1,747.

XRP traded at $1.38 on Friday, clearly showing a short-term bearish trend. It is stuck in an overall downward channel, remaining below its 50-day EMA of $1.40, as well as the long-term trend lines of the 100-day and 200-day EMAs at $1.49 and $1.72, respectively.

XRP's RSI is around 47, and its MACD, which is slightly negative, suggests that upward momentum has significantly slowed. Experts warn that $1.40 and $1.49 are likely to act as strong resistance levels during an upward movement, and if the immediate support level of $1.30 breaks during a decline, a deeper correction could occur, potentially plummeting to the bottom of the downward channel at $0.68.

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