Bitcoin is showing signs of weakness, trading below $80,000 and under its 50-day average, while Ripple’s approval to run a U.S. national trust bank has failed to lift the XRP price, according to CoinDesk’s Daybook newsletter.
Bitcoin and XRP market update (Credits: CoinDesk)
The picture for the wider crypto market looks bleak in the near term, according to observers cited by CoinDesk, with prices trading below key technical levels.
Bitcoin Below $80,000: Key Support Levels in Focus
“Technical indicators suggest the downtrend is set to continue, as the market sinks further below its 50-day moving average and the resistance zones from May and September have failed to act as support,” Alex Kuptsikevich, chief market analyst at FxPro, wrote in an email cited by CoinDesk.
Secure Digital Markets put the key support at the $80,000 zone in a daily note, saying a break below that could open the door to $75,000, then $73,000. The Ontario-based firm also noted that bitcoin spent two weeks between $80,000 and $86,000, and that its 30-day range has compressed from 13 percent to 6 percent. A volatility squeeze of that kind, it said, often ends with a sharp move.
Ripple’s Bank Win Fails to Bolster XRP
Separately, Ripple’s approval to operate a U.S. national trust bank — a significant regulatory milestone for the company — did not translate into a lift for XRP, CoinDesk reports. The muted price reaction underlines a broader theme in the current market: even positive company news is struggling to move token prices while overall sentiment stays weak.
Attention now turns to Wednesday’s Federal Reserve meeting. Options traders on the decentralised platform Derive are pricing in some movement around the meeting, though nothing out of the ordinary, CoinDesk reports. An at-the-money options strategy covering Friday’s expiry costs roughly $2,400, reflecting a move of about 3 percent in either direction by then, while the average daily move expected around the U.S. midterm elections is slightly lower, at approximately 2.1 percent.
For now, the market’s message is cautious: bitcoin below its key averages, XRP unmoved by Ripple’s bank approval, and traders braced for a potentially sharp move as the Fed meeting approaches.
Also Read: Bitcoin Holds Below $80,000 as AI Buildout Draws Investor Capital and Fed Meeting Begins | Ripple Gets Final Go-Ahead to Launch Its Own U.S. National Trust Bank
Source: CoinDesk — read the full story there.