Cryptocurrency Market Pulls Back as Key Support Levels Are Tested

The cryptocurrency market is experiencing a pullback as Bitcoin, Ethereum, XRP, and Shiba Inu test key support levels. The August rally has lost momentum, with the RSI cooling down for all four assets. Bitcoin failed to break above $80,000 - $81,000 and is currently trading around $77,300.

Ethereum is consolidating around $2,441 after failing to break through the $2,500 - $2,560 resistance zone. XRP is testing its long-term moving average near $1.36, while Shiba Inu looks more vulnerable, breaking below its rising trendline and trading near $0.00000509.

The market's short-term momentum has weakened, but the broader structures of each asset remain different. The upcoming U.S. inflation data on Friday may provide a major catalyst for the market, with a stronger-than-expected reading potentially increasing pressure on risk assets.