Bitcoin weakens around the $100,000 mark, attention shifts to XRP, ETH, SOL, and HYPE.

Bitcoin (BTC) unexpectedly plummeted below the important psychological threshold of $100,000 on Sunday, as investors reacted to news of America's airstrikes on Iran's nuclear facilities. Notable analyst Cas Abbe warned on platform X that the downtrend may not be over, with the possibility of Bitcoin continuing to slide towards the zone of $93,000–$94,000 before establishing a clear reversal phase.

The wave of sell-offs has not only stopped at Bitcoin but has also spread to many key altcoins, causing the entire market to fall into a strong correction state. Important technical support levels have been breached, reflecting a clearly increased defensive mentality among the investor community.

Nevertheless, some experts still maintain their faith in the long-term prospects of Bitcoin. Raoul Pal – CEO of Real Vision – believes that the current growth cycle of the cryptocurrency market is mirroring the pattern seen in 2017. In a recent video, he predicts that this cycle could last until the second quarter of 2026.

The question now is: Is the buying power strong enough to pull Bitcoin back to the $100,000 mark, or will the downward trend continue to dominate? And can some selective altcoins attract bottom-fishing capital during this correction phase? Let's delve into the chart analysis to seek clues.

BTC Technical Analysis

Bitcoin has broken through the 50-day simple moving average (SMA) at $104,788 on Friday and the support zone of $100,000 on Sunday.

BTC/USDT daily chart | Source: TradingViewThe moving averages are preparing to form a bearish crossover, while the relative strength index (RSI) has fallen into the negative zone – indicating that the bears are in control of the market. If the price continues to stay below $100,000, selling pressure may increase, pushing the BTC/USDT pair down to the $93,000 zone.

The bulls need to quickly bring the price back above the 20-day exponential moving average (EMA) at $104.616 to stop the short-term downtrend. At that point, the pair could recover to the downtrend line - a strong resistance zone that the bulls will have to overcome.

BTC/USDT chart 4-hour | Source: TradingViewThe BTC/USDT pair has completed a bearish triangle pattern by closing below the $100.700 level. The price target according to this pattern is $89.420, however, the likelihood of the bulls easily capitulating is low.

The bulls will try to trigger a technical recovery; however, they will face selling pressure at the $100,700 mark and then at the 20-period EMA. If the price reverses and falls from these resistance zones, the adjustment momentum may continue.

The bulls need to push and maintain the price above the SMA 50 line to initiate a sustainable recovery phase.

Technical Analysis of ETH

Ether (ETH) has reversed and is falling from the 20-day EMA ($2.487) and has pierced through the 50-day SMA ($2.481) on Friday.

Daily ETH/USDT Chart | Source: TradingViewSelling pressure continued to increase on Saturday, causing the ETH/USDT pair to break the support level of $2,323. Although the bulls attempted to push the price back above the broken support level, the triggered selling pressure pulled the price down close to the support zone of $2,111. The bulls will have to defend the level of $2,111 at all costs, as failure to do so could result in the pair plummeting to $1,754.

If the price bounces from the zone $2.111, the bulls will need to push the pair back above the 20-day EMA to confirm that the short-term correction may have ended.

ETH/USDT chart on the 4-hour frame | Source: TradingViewThe currency pair may find support at the $2,111 zone, but the recovery is likely to face strong selling pressure at the $2,323 mark – a zone that was once support. If the price sharply reverses from here, the bears will continue to exert pressure to push the price below the $2,111 mark.

Conversely, if the bulls successfully defend the $2,111 zone, the ETH/USDT pair could enter a short-term sideways phase, oscillating within a range from $2,111 to $2,323. Selling pressure will gradually weaken if the closing price returns above the 50-period SMA.

Technical Analysis of XRP

XRP has broken the trading range from $2 to $2.65 downwards on Sunday, indicating that selling pressure is significantly increasing from the bears.

XRP/USDT daily chart | Source: TradingViewIf the price continues to maintain below the $2 mark, the XRP/USDT pair may fall deep to the support zone of $1.61. Bulls are expected to fiercely defend this price zone, as if it breaks, XRP could plummet to the level of $1.28.

To prevent this negative scenario, the bulls need to quickly push the price back above the $2 mark. At that point, the currency pair may recover towards the moving averages, where strong resistance from the bears is expected.

XRP/USDT chart 4-hour | Source: TradingViewAlthough the bulls have tried to create a bounce from the support zone $2, the bears quickly overwhelmed the recovery momentum as the price touched the EMA 20 line on the 4-hour chart. The price reversed and continued to break below the $2 mark, pulling the RSI into the oversold zone – indicating that the possibility of a short-term recovery is quite high.

On the contrary, the bears may continue to take advantage of the rally to sell at the $2 zone or at the EMA 20 line. If the price sharply reverses from the resistance levels above, the XRP/USDT pair risks continuing the downtrend. The first signal indicating that selling pressure is weakening will be when the price closes back above the SMA 50 line.

Technical Analysis of SOL

Solana (SOL) has completed the head and shoulders (H&S) pattern in a bearish trend as the closing price fell below the support level of $140 on Saturday.

SOL/USDT Daily Chart | Source: TradingViewThe bulls will try to initiate a recovery, but may face selling pressure at the 20-day exponential moving average (EMA), currently at $148. If the price turns down from the 20-day EMA, the SOL/USDT pair could plummet to the support zone of $110 and then to the pattern target at $93.

Conversely, if the price rises and closes above the 20-day EMA, it indicates that buying pressure at lower levels is quite strong. At that point, the currency pair may recover to the 50-day simple moving average (SMA) at $160; however, this level is likely to act as a significant barrier.

The SOL/USDT chart on the 4-hour timeframe | Source: TradingViewThe moving averages are plummeting, indicating that the bears are still in control, but the RSI is in the oversold zone, suggesting the potential for a technical rebound in the short term. However, the recovery effort may face strong selling pressure at the $140 threshold – a price that was once support but has now turned into resistance. If the price turns down from $140, the bears will look to extend the downtrend.

The bulls will need to push the price above and maintain it above the 50 SMA line to signal a trend reversal. At that point, the door for a technical rebound to the zone of $149, even $158, will be opened.

Technical Analysis of HYPE

After several failed attempts to hold the $42.50 mark, Hyperliquid (HYPE) has entered a strong correction, indicating that the bulls are rushing to take profits.

HYPE/USDT daily chart | Source: TradingViewOn Saturday, the bulls attempted to defend the 50-day SMA (at $32,26), but the subsequent bounce was quickly sold off. This increases the likelihood that HYPE/USDT will break below the 50-day SMA and plummet to the previous breakout zone at $28.50.

However, the bulls may have other plans. They will try to defend the 50-day SMA and push the price back above the 20-day EMA. If successful, this currency pair could recover to the $40 zone.

! HYPE/USDT 4-hour chart | Source: TradingViewBoth moving averages are sloping downwards, while the RSI on the 4-hour chart remains in negative territory. Retracements to the 20 EMA are likely to continue to be sold down. There is a minor support at $30.50, but this level may not hold. At that time, the pair may fall sharply towards the hard support zone at $28.50.

The first signal indicating that the downtrend is weakening will be when the price breaks above and closes above the EMA 20 line. This implies that the bears are losing their grip. At that point, the price may continue to rise to the SMA 50 zone, although selling pressure here still remains latent.

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