Downside momentum in the short-term consolidation and potential for the drop towards support zone.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.
Bitcoin recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot ETFs recorded $1.35 billion in net outflows through Thursday.
Ripple trades near the key psychological support level of $1 at the time of writing on Friday after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours.
Pi Network price records a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes.
![BTC/USD – Potential for the drop towards support zone [Video]](https://editorial.fxsstatic.com/images/i/BTC-bearish-animal-1.png)