Bitcoin Faces Technical Challenges, Falls Below 100-Day Average as XRP, ETH, and SOL Remain Strong

Key Points

Bitcoin’s price has dipped below the 100-day simple moving average for the first time since April, reinforcing a bearish perspective.
The technical situation has worsened for Bitcoin, having fallen beneath the Ichimoku cloud.
In contrast, Ether, Solana, and XRP are sustaining comparatively robust positions.

Bitcoin (BTC) has seen a decline in the past 24 hours, slipping below a crucial moving average for the first time since April. This downturn has positioned BTC unfavorably compared to significant tokens like Ether (ETH), XRP, and Solana (SOL).

BTC’s daily chart.

The next critical threshold to monitor is $105,390, the 38.2% Fibonacci retracement of the April-July rally, with the 200-day SMA following closely at $100,928. To reverse the bearish trend, bulls need to surpass the lower high of $117,416 created on August 22.

XRP, ETH, and SOL Steady

While Bitcoin experiences a breakdown, XRP continues to trade above its own 100-day SMA, although it remains trapped in the Ichimoku cloud, indicating a period of indecisiveness. Conversely, both Ether and Solana are maintaining positions above their respective 100-day SMAs, suggesting a potential rebound that could allow them to outperform Bitcoin and XRP.