Cryptocurrency Today: Bitcoin, Ethereum, and XRP continue their price correction amid risk-off sentiment due to escalating geopolitical tensions.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices continued to decline on Tuesday as risk appetite waned amid rising geopolitical tensions over Greenland.
U.S. President Donald Trump posted on his Truth Social account on Tuesday that he spoke with NATO Secretary General (NATO) about Greenland. Trump explained that Greenland is "vital to national and global security," and confirmed plans to hold multi-party discussions at the upcoming World Economic Forum in Davos, Switzerland.
These developments have increased uncertainty and sparked risk aversion among traders, which does not bode well for risky assets.
Today’s Chart: Bitcoin Momentum Indicators Show Early Bearish Signals
Bitcoin failed to hold above the 100-day Exponential Moving Average (EMA) at $95,787 on Thursday, dropping 3.35% over the next four days, and retesting the 50-day EMA at $92,348 on Monday. As of this report, Bitcoin is trading lower, below the 50-day EMA, approaching the next support level at $90,000.
If Bitcoin fails to find support around $90,000 (the previously broken upper consolidation zone), the decline could extend toward the lower consolidation boundary at $85,569, which coincides with the 78.60% Fibonacci retracement level (from the April low of $74,508 to the all-time high in October at $126,199).
The Relative Strength Index (RSI) on the daily chart is at 47, down from the neutral 50, indicating increasing bearish momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover on Tuesday, supporting the bearish outlook.
Conversely, if Bitcoin recovers, it could extend gains toward the 61.8% Fibonacci retracement level at $94,253.
Daily chart of BTC/USDT