BTCC / BTCC Square / FxStreet-Crypto /
Crypto Carnage Looms: Bitcoin Eyes $98K, Ethereum Targets $2K, XRP Braces for $1.77 – Bear Trap or Buying Opportunity?

Crypto Carnage Looms: Bitcoin Eyes $98K, Ethereum Targets $2K, XRP Braces for $1.77 – Bear Trap or Buying Opportunity?

Published:
2025-06-23 03:49:30
11
3

Market tremors hit crypto's holy trinity as bears sharpen their claws. Bitcoin teeters at a critical threshold while Ethereum and Ripple face make-or-break levels.

The BTC battleground: Whales play chicken with the $98K support line – a breakdown could trigger liquidation cascades across derivatives markets.

Ethereum's existential moment: The $2K psychological fortress shows cracks as gas fees ironically spike during the sell-off (because blockchain efficiency is still Wall Street's favorite pipe dream).

XRP's regulatory hangover: Despite legal clarity, the $1.77 level becomes the new courtroom drama as traders question whether this 'utility token' forgot its utility.

Smart money's already placing bets – whether this is the final flush before the next leg up or the start of proper crypto winter depends who's holding the leverage. As always in crypto: heads traders win, tails hodlers lose.

Bitcoin could face a deeper correction if it closes below the $100,000 support level 

Bitcoin price closed below its 50-day Exponential Moving Average at $102,942 on Saturday and declined 1.13%, reaching a low of $98,200 the following day. At the time of writing on Monday, it hovers around its key level of $100,000.

If BTC continues its correction and closes below $100,000 on a daily basis, it could extend the decline to retest its Sunday low of $98,200. 

The Relative Strength Index (RSI) on the daily chart reads 38, which is below its neutral level, indicating strong bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) on the daily chart showed a bearish crossover. It also shows a rising red histogram bar below its neutral level, suggesting bearish strength and indicating the continuation of a downward trend.

BTC/USDT daily chart 

BTC/USDT daily chart 

However, if BTC recovers, it could extend the recovery toward its 50-day EMA at $102,942.

Ethereum is set for a downleg as it closes below its 50-day EMA

Ethereum price broke below the lower consolidation level of $2,461 and closed below the 50-day EMA at $2,416 on Friday, falling 7.65% over the next two days. At the time of writing on Monday, it trades at around $2,241.

If ETH continues its correction, it could extend the decline to retest its next support level at $2,000.

The RSI on the daily chart reads 34, nearing its oversold conditions, indicating a strong bearish momentum. The MACD indicators also showed a bearish crossover. It also shows a rising red histogram bar below its neutral level, suggesting bearish strength and indicating the continuation of a downward trend.

ETH/USDT daily chart

ETH/USDT daily chart

On the other hand, if ETH recovers, it could extend the recovery toward its 50-day EMA at $2,416.

XRP could extend the correction if it closes below the $1.96 daily support level

XRP faced rejection from its 50-day EMA at $2.21 on June 17 and declined 10% until Sunday. At the time of writing on Monday, it is nearing its daily support at $1.96.

If XRP breaks and closes below the daily support at $1.96 on a daily basis, it could extend the decline toward its next support at $1.77. 

The RSI on the daily chart reads 36, nearing its oversold conditions, indicating a strong bearish momentum. The MACD indicators also showed a bearish crossover. It also shows a rising red histogram bar below its neutral level, suggesting bearish strength and indicating the continuation of a downward trend.

XRP/USDT daily chart 

XRP/USDT daily chart 

Conversely, if XRP recovers, it could extend the recovery toward its 50-day EMA at $2.21.

Bitcoin, altcoins, stablecoins FAQs

What is Bitcoin?

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

What are altcoins?

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

What are stablecoins?

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

What is Bitcoin Dominance?

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

a

|Square

Get the BTCC app to start your crypto journey

Get started today Scan to join our 100M+ users