Key Moments
- Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) dropped back to multi-month lows, wiping out all gains made since the November 2024 US election.
- BTC slid to $60,000, ETH to $1,747 and XRP to $1.11 on Friday, with all three posting double-digit weekly losses.
- Technical indicators such as RSI and MACD pointed to persistent bearish momentum, with prices more likely to consolidate than stage an immediate sharp rebound.
Bitcoin Extends Slide, Revisits October 2024 Levels
Bitcoin (BTC) has given up all of its post-election advance, falling back to prices last recorded in mid-October 2024. After an 11% decline the previous week, BTC has dropped more than 15% so far this week. As of Friday, the benchmark cryptocurrency hit an intraweek low of $60,000.
Should the decline persist, BTC could move lower toward weekly support located at $54,800.
On the daily chart, the Relative Strength Index (RSI) is at 20, signaling oversold conditions and strong downside momentum. The Moving Average Convergence Divergence (MACD) indicator turned bearish on January 20 and continues to show a negative bias, with a sustained bearish crossover and expanding red histogram bars below the neutral line.
Given the magnitude of the recent pullback, the market appears more likely to enter a consolidation phase than to stage a rapid recovery. In such a scenario, BTC could fluctuate within a range between $60,000 and $70,000.
| Asset | Recent Low (Friday) | Recent Weekly Drawdown | Potential Support / Range | Last Seen at These Levels |
|---|---|---|---|---|
| Bitcoin (BTC) | $60,000 | More than 15% this week (after 11% prior week) | Support near $54,800; possible range $60,000 – $70,000 | Mid-October 2024 |
| Ethereum (ETH) | $1,747 | Over 15% this week | Support near $1,669; possible range $1,700 – $2,100 | May 6, 2025 |
| Ripple (XRP) | $1.11 | Over 20% this week | Psychological support at $1; possible range $1.11 – $1.45 | Early November 2024 |
Ethereum Falls to Lows Not Seen Since May 2025
Ethereum (ETH) has mirrored Bitcoin’s weakness, dropping more than 15% so far this week. On Friday, ETH recorded a low of $1,747, a price level last observed on May 6, 2025.
If the downward move continues, ETH may retreat further toward immediate daily support at $1,669.
Ethereum’s daily RSI and MACD indicators, similar to those of Bitcoin, are highlighting pronounced bearish momentum.
Following such a steep correction, conditions appear more conducive to a period of sideways trading than to an immediate strong rebound. Under a consolidation scenario, ETH could oscillate between $1,700 and $2,100.
XRP Suffers Steeper Drop Amid Intensifying Selling Pressure
Ripple (XRP) has underperformed BTC and ETH on a relative basis, with its price sliding more than 20% so far this week. On Friday, XRP touched a low of $1.11, a level last seen in early November 2024.
Continued weakness could push XRP down toward the key psychological threshold of $1.
XRP’s daily momentum gauges, including the RSI and MACD, are also aligned with a bearish technical picture.
After the sharp downturn, the market appears more likely to stabilize than to immediately reverse higher. If XRP transitions into a consolidation phase, it is expected to trade between $1.11 and $1.45 in the near term.
Key Cryptocurrency Metrics Explained
What is circulating supply?
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
What is market capitalization?
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
What is trading volume?
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
What is the funding rate?
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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