Foreign media price analysis suggests that ahead of the release of U.S. inflation data and the Federal Reserve's interest rate meeting next week, bond yields and oil prices are rising, putting short-term pressure on risk assets. Bitcoin, Ethereum, XRP, and SHIB have all recently fallen from their August highs, and the market is watching to see if key support levels can be maintained.
Bitcoin falls below $80,000
Bitcoin failed to stabilize above the range of $80,000 to $81,000 and has since fallen back, currently hovering around $77,300. The article suggests that the current adjustment is still relatively limited, but the short-term momentum has clearly weakened.
Currently, the area between $76,000 and $77,000 is receiving more attention. If this region is lost, prices may further fall back to the support level of $72,800 to $73,000. Only if $79,000 can be regained will there be a chance for the market to test the range of $80,000 to $82,000 again.
Ethereum enters a consolidation phase below $2,500
Ethereum is currently fluctuating around $2,441, still below the resistance range of $2,500 to $2,560. The article points out that although ETH has rebounded significantly from its low in August, it has now entered a consolidation phase following its rapid rise.
Structurally speaking, as long as the range between $2,360 and $2,400 is not broken down, the breakout pattern formed in August has not been destroyed. If the daily chart falls below $2,350, the current strong structure will be significantly compromised; if it breaks above $2,560, it may open up space for $2,600 and higher levels.
XRP and SHIB are close to key support levels.
XRP is reporting around $1.36, which has fallen from the previous high of over $1.50. The article suggests that the range of $1.33 to $1.36 is currently the most critical support level. If the daily chart breaks below $1.33, prices could further decline to around $1.24. Only if it manages to rebound above $1.40 to $1.42 is there hope that short-term pressure will ease.
The trend of SHIB is relatively weaker, with the price around $0.00000509 and having fallen below the upward trend line since late August. The current range of $0.0000049 to $0.0000050 serves as the main support area. If this area is lost, the price could fall back to $0.0000046, or even test again the lows from August. To improve the short-term trend, SHIB needs to first regain $0.0000053 and then break through the resistance range between $0.0000056 and $0.0000057.
Overall, the article regards the latest inflation data from the United States and the Federal Reserve meetings as important catalysts for short-term trends. Before these macroeconomic events are realized, most mainstream crypto assets are in a consolidation phase after having reached high levels.
