Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

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. The prevailing bearish pressure weighs on the prospects of a rebound despite potential bullish RSI divergences. 

Bitcoin Weekly Forecast: BTC hits 20-month low, will the pain continue?

Bitcoin (BTC) 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 Exchange Traded Funds (ETFs) recorded $1.35 billion in net outflows through Thursday. In addition, persistent geopolitical uncertainty and the Federal Reserve’s (Fed) hawkish stance continue to dampen risk appetite, keeping the Crypto King under pressure.

The crypto market has tested the $2T mark

The crypto market capitalisation fell from $2.12T to $2.02T before rebounding to $2.06T, where it had stabilised at the time of writing as active trading began in Europe. Selling pressure intensified after a fresh downward surge in stock indices. This morning, cryptocurrencies again appeared stable or rebounding, but these sentiments will only be tested once active US trading begins. Over the past 24 hours, the top performers among the most liquid coins were AAVE (+5.6%), Solana (+0.7%) and Theta Network (+0.1%). Lagging behind were Algorand (-6.7%), Polkadot (-6.2%) and NEAR Protocol (-6.1%).