Bitcoin News Today: Bitcoin Faces Key Support Test as Major Cryptos Signal Bearish Turn

Bitcoin's recent upward trend appears to be losing momentum, with technical indicators suggesting a potential deeper correction. According to a recent analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole, the cryptocurrency faces a significant bearish setup, with price risks pointing toward a potential fall to $100,000. This follows a failed breakout above a key macro trendline connecting bull market highs from 2017 and 2021, as well as a weakening momentum indicated by the MACD histogram and a 14-week RSI that has broken its uptrend line [1].

On a shorter time frame, the daily chart confirms the bearish sentiment, with a three-line break chart showing three consecutive red bars—a classic reversal signal. This confluence of bearish signs indicates that a deeper correction is likely, with immediate support at $11,965 and the next key target at $100,000. Prices would need to break above $122,056 to invalidate the bearish pattern [1].

XRP, another major cryptocurrency, is struggling to break out of a downtrend line, despite a modest rally. The price has bounced against the 38.2% Fibonacci retracement level, but the overall technical bias remains bearish due to moving averages across both the hourly and daily timeframes continuing to trend downward. A breakout above $3.00 could set the focus on the next resistance at $3.33, but sustained momentum appears unlikely in the near term [1].

Ether saw a significant bearish signal last week, forming a large "outside week" candle, which is a sign of increased selling pressure. The 5- and 10-day simple moving averages (SMAs) have crossed in a bearish direction, confirming a breakdown in the short-term uptrend. The daily three-line break chart has also confirmed a bearish reversal with two consecutive red bricks, reinforcing the downward bias. This suggests that the path of least resistance for ETH is to the downside, with support levels at $3,355 and below being key to watch [1].

Solana, on the other hand, appears to be holding a critical support level at the 61.8% Fibonacci retracement of its recent rally. This level is seen as a strong potential price floor in an uptrend, and bulls have successfully defended it in the past 24 hours. Additionally, Solana is nearing a "golden cross," where the 50-day and 200-day SMAs are set to cross. While this is a lagging indicator, it is considered a strong bullish signal if the cross occurs. However, the short-term trend remains bearish, with the 5- and 10-day SMAs still trending lower [1].

Overall, the market environment for major cryptocurrencies appears to be shifting toward bearish conditions. Bitcoin faces a critical juncture as it tests key support levels, while XRP and ETH struggle with bearish momentum. Solana, while showing resilience, is still in a mixed technical position. Traders and investors are advised to monitor these key price levels and indicators closely for potential turning points in the near future.

Source: [1] BTC Risks Deeper Slide to $100K, XRP Challenges Corrective Trend (https://www.coindesk.com/markets/2025/08/04/btc-risks-deeper-slide-to-usd100k-xrp-challenges-corrective-trend)