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Bitcoin has dropped to its lowest point since 2025, breaking below a significant sideways channel and suggesting that there may be more downward pressure. Bitcoin is currently trading at $88,835, having dropped by almost 3% over the last day and broken through the crucial $92,000 support level. For weeks, Bitcoin had been consolidating in a sideways channel with resistance close to $108,000 and strong support around $92,000.
The previous consolidation has been rendered invalid by the recent breakdown below this range, leaving the market vulnerable to additional declines. The next significant support levels for Bitcoin are $85,600 and $84,000, which traders are keeping a careful eye on to determine whether the price will level off or continue to decline.
A significant test for bulls might be a further drop toward the 200-day moving average, which is presently trading at about $84,000. Should Bitcoin be unable to maintain this level, a more significant decline toward $80,000 might be possible. As we approach oversold conditions, the Relative Strength Index (RSI) has dropped to 30. Low RSI readings like these have historically preceded relief rallies, indicating that Bitcoin may experience a brief recovery.
Bearish momentum might continue unless Bitcoin quickly recovers the $92,000 mark. Bitcoin would need to regain its position above $93,978, which is in line with important moving averages, in order to see a bullish recovery. While Bitcoin navigates its lowest levels of the year, prudence is still advised until then.
Many questions about SHIB
At one point Shiba Inu's profitability fell below 40%, leaving the majority of holders in a negative position. The asset is still under tremendous downward pressure. The price action of the meme coin has been mostly negative, leaving investors in a state of uncertainty as it has failed to regain important resistance levels. As of press time, SHIB is still in a downward trend, trading at about $0.00001380.
Key moving averages like the 50-day and 200-day EMAs continue to trap the price, indicating that sellers are still in control. A sequence of lower highs and lower lows followed SHIB's inability to sustain its late-2024 bullish momentum, which signaled the start of the downtrend. One worrying indicator is the dropping trading volume, which points to waning institutional and retail investor interest.
Additionally, SHIB is getting close to oversold conditions, as indicated by the Relative Strength Index (RSI), which is hovering around 33. However, no obvious reversal signal has yet to appear.
Bullish scenario: A relief rally toward $0.00001600 may be possible if SHIB is able to maintain above the $0.00001300 support level. A robust catalyst like a spike in whale accumulation or a more general market recovery would be required to maintain any upward trend, though.
Bearish scenario: Additional declines toward $0.00001200 or even $0.00001050 may be imminent if the selling pressure persists and SHIB loses its current support. This would intensify investor losses and prolong SHIB's downward trend. Shiba Inu is currently in a precarious position as the market awaits indications of either stabilization or additional downside risk.
Solana hits bottom
Following its robust bull run in late 2024, many investors never expected to see Solana return to the $100 mark, which it is now perilously close to. SOL has been caught in an unrelenting downtrend, wiping out large gains and putting investor confidence to the test rather than moving toward the long-desired $200 target.
SOL is currently trading at $138, down almost 16% over the past day, further accelerating its decline below important moving averages. For weeks, the asset has been in freefall, with no indication that it will soon recover. If bearish momentum persists, $100 is a reasonable downside target in the upcoming weeks due to the further escalation of selling pressure caused by the breakdown of the $150 support level.
The growing sell volume, which suggests that traders and large holders are liquidating their holdings rather than building up at lower levels, is one of the main causes for concern. Although the RSI has fallen below 25, indicating severe oversold conditions, past performance has demonstrated that this does not ensure a reversal.
Bullish outlook: A relief rally toward $160-$170 may be feasible if SOL can build solid support around $130 and recover. But it seems very unlikely that $200 will be recovered in the near future unless there is a significant change in the mood of the market as a whole.
Bearish scenario: If selling pressure continues, a break below $130 would precipitate a further decline to $110, with $100 emerging as the next crucial psychological level. If this zone is not maintained, Solana's bearish trend may continue and even more losses may result. The road to $200 is still a long way off, and SOL holders need to brace themselves for more volatility soon.
Dan Burgin
U.Today Editorial Team
