Bitcoin (BTC), Ethereum (ETH), and XRP are showing different trends, revealing a mixed market sentiment. Particularly, Ethereum experienced a sharp decline immediately after the 'Golden Cross', which was traditionally considered a bullish signal, stimulating skepticism about technical indicators. Bitcoin is drawing investor attention with a V-shaped recovery, hinting at a potential future rebound scenario. Meanwhile, XRP temporarily dropped below its key support line before recovering, still showing some rebound potential in a weak market.
Ethereum recently formed a Golden Cross where the 50-day moving average crossed above the 200-day moving average, but contrary to typical expectations, this led to a strong downward trend. The current price is around $2,245, remaining below the 50-day, 100-day, and 200-day moving averages, suggesting a potential medium to long-term bearish shift. Experts point out that this Golden Cross is merely an 'afterimage' of April's upward trend and lacks the trading volume and buying momentum to sustain a genuine bullish trend. The strong resistance and pullback at the previous high of $2,600 further evidences this.
In contrast, Bitcoin temporarily deviated from the psychological support level of $100,000 before quickly recovering and re-establishing its upper support. This rebound instantly broke through the 100-day exponential moving average (EMA), showing a strong reversal structure and indicating significant buying pressure even amid selling fear. Momentum indicators like RSI are also rebounding from oversold territory, and the failure to break down from the descending triangle pattern on the chart increases the possibility of a 'fakeout'. Depending on whether it breaks the descending trendline near $106,000, there could be attempts to re-enter the $105,000-$110,000 range.
XRP experienced a significant decline, facing strong bearish pressure from breaking the technical triangular convergence pattern and collapsing major moving averages, but showed recovery around the $2 level. After being pushed down to $1.90, the price recovered its psychological support line, confirming bottom-fishing buying. The RSI remains in oversold territory at 34 but shows signs of weak recovery, with a short-term target implied in the $2.17-$2.23 range. However, without a closing price above $2.20, the possibility of returning to a downward trend still remains.
The trends of these three assets suggest a gradually diminishing dependence on traditional market technical signals. Classic indicators like the Golden Cross are no longer absolute standards, with short-term volatility and the strength of buying pressure determining market direction. Particularly, Bitcoin's strong pullback and XRP's support recovery demonstrate that market investment sentiment is more resilient than anticipated.
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