Cryptocurrency Market Trends: Bitcoin Under Pressure, XRP Eyes $1

Bitcoin is facing renewed selling pressure as market sentiment turns cautious, according to recent analysis. The cryptocurrency has seen increased volatility due to macroeconomic concerns and profit-taking after recent gains.

The relative strength index (RSI) for Bitcoin's short-term momentum has weakened, hovering near oversold territory. However, a clear reversal signal has yet to emerge. Support is seen around $60,000, while resistance lies near $65,000.

Ethereum, on the other hand, has been consolidating in a narrow range, with prices moving sideways as traders await a catalyst. ETH is currently trading around $3,200, with support at $3,000 and resistance near $3,500.

Ripple's XRP is showing relative strength, with the token moving closer to the psychologically important $1 level. As of the latest data, XRP is trading near $0.90, up from recent lows.