Foreign media commentators believe that the current downturn in the crypto market has shifted from a mild correction to a more pronounced downward phase. Bitcoin fell rapidly after breaking through a key range, XRP broke through long-term support, and Zcash entered oversold territory after a sharp drop triggered by security concerns.
Bitcoin is focused on the $60,000 mark.
The article states that Bitcoin had previously attempted to recover from the losses following its March and April lows, but the rebound failed to break through long-term resistance and subsequently weakened again. In the most recent decline, BTC broke below the $72,000 to $74,000 support zone, accompanied by a surge in trading volume, indicating significantly increased selling pressure.
Judging from the text, Bitcoin has broken below several major moving averages, indicating a weak short-term trend. The commentary mentions that the daily RSI has entered extremely oversold territory; such readings can sometimes lead to brief rebounds, but they do not necessarily signify a trend reversal.
- The current market is primarily focused on the $60,000 to $62,000 range.
- If this range is breached, the next demand zone may be between $50,000 and $55,000.
- Only if it rebounds to around $72,000 could the downward pressure be alleviated.
XRP weakened after falling below $1.30.
The article argues that XRP's failure to hold above $1.30 after months of consolidation significantly worsened its technical structure. While the overall weakness in the crypto market was a contributing factor, the commentary points out that XRP's own chart pattern suggests the price may not yet have found a stable bottom.
In the short term, the $1 level is the first thing the market is watching. This area might see a technical rebound, but the article argues that it lacks sufficiently strong long-term support. In contrast, the $0.75 to $0.85 range is more noteworthy, as this area has acted as resistance multiple times before previous rallies.
The commentary further points out that stronger long-term support may lie between $0.50 and $0.60. This area saw a prolonged period of consolidation and accumulation before XRP's historic surge, so if prices return to this level, some long-term investors may view it as a valuation reset rather than just a continuation of normal volatility.
ZEC enters oversold territory after sharp drop.
Zcash recently plummeted from over $600 to nearly $300, a drop of almost half. The article states that this decline is related to concerns about vulnerabilities in Orchard's privacy pools; panic selling and profit-taking occurred simultaneously, amplifying price volatility.
The commentary notes that ZEC is currently testing a key consolidation zone from April and early May, and the daily RSI has quickly fallen from overbought levels to typical oversold levels. Meanwhile, the recent large bearish candlestick accompanied by a surge in trading volume is seen in the article as a signal of concentrated emotional selling.
The article also points out that the vulnerability has been patched, and there is currently no evidence that it was ever exploited in a real-world environment. Therefore, the current decline may, to some extent, reflect the market's anticipation of the worst-case scenario, but the related uncertainties have not completely disappeared.
For ZEC to stabilize, commentators believe the price needs to hold above the 200-day moving average of around $360 and gradually recover to the higher short- and medium-term moving averages; otherwise, the price may continue to fall back to the $200 range.
