Crypto Update: BTC Holds Support; ETH, XRP Test Bulls

Key Moments:

Bitcoin Price Action: Support Levels Under Scrutiny

Bitcoin (BTC) trades with subdued momentum on Wednesday, hovering around the $83,000 mark as buyers seek to hold this area as immediate support. Demand is seen extending down toward $80,000, a region that market participants are watching closely as a line that could help reassert the broader uptrend toward the September high above $87,000.

Despite the recent loss of momentum, the overall market backdrop remains constructive following last week’s rally. Analysts at K33 Research highlight that a contraction in derivatives positioning has helped alleviate selling pressures. They note that Open Interest has dropped to 49,000 BTC, pointing to a reduced risk of forced liquidations.

“Open interest has fallen by 49k BTC in an unusually orderly reset driven by profit realization, while spot volumes stayed below yearly averages despite higher prices, a sign of sustained sell-side exhaustion,” K33 Research analysis stated in the weekly report, adding, “with little leverage left to trigger forced liquidations and holders reluctant to sell 33% below ATH, we see considerable upside asymmetry.”

Bitcoin Technical Picture: Trend Still Constructive

BTC is trading above $83,000 with a generally bullish technical tone, as price remains comfortably above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). The SuperTrend indicator is also positioned well below spot, reinforcing a supportive technical environment. The Relative Strength Index (RSI) sits near 58, indicating positive but not overheated momentum.

However, there are some signs of cooling in upside drive. The Moving Average Convergence Divergence (MACD) has shifted into negative territory, accompanied by a softening histogram, signaling that bullish momentum has eased even as the broader trend stays pointed higher.

On the downside, the first notable support zone is near the SuperTrend level around $8,352, which is backed closely by the 50-day EMA at $77,786. This region forms an initial demand pocket in the event of a pullback. A more pronounced decline would bring a stronger support confluence into focus, where the 100-day EMA at $74,302 converges with the 200-day EMA at $74,421. This cluster is expected to act as a magnet for dip buyers while BTC continues to trade well above these longer-term trend gauges.

Ethereum: Pullback Continues Below $2,700

Ethereum (ETH) is moving largely in step with Bitcoin, trading beneath the $2,700 threshold on the upside and holding above the $2,600 area on the downside. At the time of writing, ETH is extending its corrective move, trading around $2,669 after two straight days of declines. Despite this short-term weakness, the smart contract asset maintains a constructive near-term outlook, as it remains well above its main EMA supports.

The 50-day EMA at $2,446, the 100-day EMA at $2,282, and the 200-day EMA at $2,256 all sit below current levels, highlighting a still-intact underlying uptrend. The SuperTrend line at $2,434 supplies additional structural backing. Momentum indicators remain moderately favorable, with the RSI hovering around 60, though the MACD is in negative territory, pointing to some fading in bullish strength following the recent advance.

On the downside, initial technical support is seen at the 50-day EMA at $2,446, closely aligned with the SuperTrend level at $2,434. Together, these levels form a nearby demand zone that bulls are likely to defend on pullbacks. A deeper retracement would expose the 100-day EMA at $2,282, followed by the more strategic 200-day EMA at $2,256, where the broader bullish structure would come under greater scrutiny. With no immediate overhead technical barriers flagged on the daily chart, ETH/USDT remains underpinned as long as price trades above this stacked moving average support.

XRP: Consolidating Around $1.50 With Upside Objectives in View

Ripple (XRP) is trading near the $1.50 mark, a pivotal zone that bulls are aiming to defend in order to maintain control of the trend. If this level holds, it could allow buyers to gather momentum for another breakout attempt, with upside reference points at the September high of $1.66 and the August peak at $1.70.

XRP has extended its advance above its primary EMA measures, supporting a constructive medium-term profile. Both the 50-day EMA and 200-day EMA are located at $1.37, sitting comfortably below the current spot price and establishing a robust support band. The 100-day EMA at $1.31 adds another layer of demand beneath the market.

Momentum remains favorable overall, with the RSI near 56, indicating ongoing positive bias. Still, the MACD has slipped just below the zero line, hinting that the latest move higher may be losing some immediate strength.

On the downside, first-line support is anchored at the 50-day EMA at $1.37, immediately reinforced by the 200-day EMA at the same level. This combination forms a dense technical floor should XRP retrace from current prices. Further weakness would bring the 100-day EMA at $1.31 into focus ahead of the SuperTrend line at $1.28, which serves as a more distant yet still relevant bullish pivot. With XRP trading above all these reference levels, the pair retains a bullish near-term bias as long as it remains above the $1.37 region.