Bitcoin is trading below $80,000 and its 50-day moving average, signaling short-term weakness. Some observers see poor immediate prospects for bitcoin and the broader cryptocurrency market because prices remain below important levels. FxPro chief market analyst Alex Kuptsikevich said technical indicators suggest further declines as bitcoin moves farther below its 50-day moving average. Kuptsikevich said resistance zones from May and September had not provided support.
Secure Digital Markets identified $80,000 as the key support zone and said a break below that level could lead to $75,000 and then $73,000. The Ontario-based firm said bitcoin had spent two weeks trading between $80,000 and $86,000. Secure Digital Markets said bitcoin's 30-day range had narrowed from 13% to 6%. The firm said such volatility compression often precedes a sharp price move.
Options traders on decentralized platform Derive are anticipating some price movement around Wednesday's Federal Reserve meeting, but not an unusually large move. Derive said an at-the-money options strategy expiring Friday costs roughly $2,400, implying a move of about 3% in either direction by Friday. Derive said the expected average daily move around the U.S. midterm elections is slightly smaller, at approximately 2.1%.
Ripple, a financial technology company that uses XRP for cross-border transactions, received approval from a U.S. regulator to establish a national trust bank. The approval could strengthen institutional custody infrastructure. However, XRP has fallen 0.5% since midnight UTC. Marex analysts said the charter does not require anyone to buy XRP. Marex analysts highlighted that distinction alongside XRP funding of 0.81 basis points and a 3.1% increase in dollar-denominated open interest.
XRP is trading near $1.25, a level that has provided major support since mid-September. Buyers have repeatedly entered the market around that price. Another successful defense of $1.25 could indicate that selling pressure has ended and XRP may rise. A break below $1.25 would suggest buyers have stopped defending that level and could lead to further declines.
Bitcoin Price Falls Below $80,000 as XRP Struggles Despite Ripple's Bank Approval
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Summary
Bitcoin price today is below $80,000 and the 50-day moving average, showing short-term weakness. Analysts expect further declines as key support levels are tested. Ripple secured approval to launch a national trust bank, but XRP has dropped 0.5% since midnight UTC. Bitcoin price prediction models highlight the 50-day line as critical. XRP trades near $1.25, a key support since mid-September.
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