Foreign media commentary suggests that the recent crypto market correction has shifted from a mild pullback to a more pronounced downtrend. After breaking below a key support range, Bitcoin rapidly declined, XRP fell below its long-term support, and Zcash entered oversold territory following a sharp drop triggered by security concerns.
Bitcoin focuses on the $60,000 level.
The article states that Bitcoin previously attempted to recover from the lows set in March and April, but the rebound failed to break through long-term resistance, followed by a renewed weakening. During the most recent decline, BTC dropped below the support zone of $72,000 to $74,000, accompanied by increased trading volume, indicating significantly stronger selling pressure.
Based on the analysis, Bitcoin has now fallen below several key moving averages, indicating a weak short-term trend. The commentary notes that the daily RSI has entered the deeply oversold region; while such readings can sometimes lead to brief rebounds, they do not necessarily signal a reversal of the overall trend.
- The market is currently focused on the $60,000 to $62,000 range.
- If this range is breached, the next demand zone may be between $50,000 and $55,000.
- If Bitcoin returns to around $72,000, it may help alleviate downward pressure.
XRP weakened after falling below $1.30
The article argues that after trading sideways for months above $1.30, XRP has finally broken below this level, significantly worsening its technical structure. While the broader crypto market's weakness is a contributing factor, the analysis notes that XRP's own chart suggests the price may not yet have found a stable bottom.
In the short term, the $1 round number is the level the market is first watching. This area may trigger a technical rebound, but the article suggests there is insufficient long-term support evidence here. In contrast, the $0.75 to $0.85 range is more significant, as it has previously acted as resistance multiple times before the prior upward move.
The comment further notes that stronger long-term support may be found in the $0.50 to $0.60 range. This area previously saw extended consolidation and accumulation prior to XRP’s historic rally, so if price returns to this zone, some long-term holders may view it as a valuation reset rather than merely a continuation of ordinary volatility.
ZEC has fallen sharply and entered the oversold zone.
Zcash recently dropped rapidly from over $600 to near $300, falling nearly half. The article attributes this decline to concerns over a vulnerability in the Orchard privacy pool, with market panic selling coinciding with prior profit-taking, amplifying price volatility.
Comments note that ZEC is currently testing a key consolidation zone from April and early May, and the daily RSI has quickly retreated from overbought levels to a typical oversold range. Meanwhile, a recent large bearish candle accompanied by a surge in volume is viewed as a signal of concentrated emotional selling.
The article also noted that the vulnerability has been patched, and there is currently no evidence that it was exploited in real-world conditions. As a result, this round of price decline may, to some extent, reflect the market’s preemptive pricing in of the worst-case scenario, though related uncertainties have not been fully resolved.
To stabilize, commentators believe ZEC's price needs to hold the 200-day moving average near $360 and gradually reclaim higher short- and medium-term moving averages; if it fails to hold, the price could continue declining toward the $200 range.