Bitcoin Dips Below $85,000 as Ethereum and Ripple Face Downside Risks

Bitcoin (BTC) faced renewed selling pressure on Wednesday, trading below $84,100 after a 2.88% drop this week. The cryptocurrency failed to sustain gains above $85,000, slipping below this key support level. Despite the correction, BTC remains bullish, holding above critical moving averages, including the 50-day EMA at $79,600. The Relative Strength Index (RSI) cooled to 55, suggesting normalization rather than outright weakness.

Ethereum (ETH) also extended its correction, trading at $2,619 after a 3.88% decline this week. The cryptocurrency struggled to reclaim the $2,800 mark but remains supported by key moving averages. The RSI eased to 49, while the MACD slipped into negative territory, indicating waning bullish momentum in the near term.

Ripple (XRP) continued its downward trend, trading at $1.458 after failing to close above the $1.671 resistance level last week. The cryptocurrency remains supported by key moving averages, but the MACD below zero suggests weak bullish pressure. Immediate demand is seen around the 50-day EMA at $1.401, with deeper support at $1.300 and $1.000.