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Bitcoin’s Support at $88.8K in Focus After Trendline Break; XRP Eyes Death Cross: Technical Analysis
XRP is nearing a 'death cross,' a bearish indicator, as its price falls below the 50-day moving average.
Updated May 5, 2025, 2:38 p.m. Published May 5, 2025, 1:54 p.m.
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What to know:
- Bitcoin's trendline break puts focus on former resistance-turned-support at $88.8K.
- XRP is nearing a 'death cross,' a bearish indicator, as its price falls below the 50-day moving average.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin’s weekend price movement has brought attention to the $88,800 support level, while XRP, the payments-focused cryptocurrency, seems close to confirming a bearish chart pattern known as the “death cross."
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BTC fell 1.5% on Sunday (UTC), diving out of a trendline connecting lows reached on April 9 and April 20, according to charts sourced from TradingView.
The breakdown of the rising trendline, a demand zone, indicates that the recovery rally from April 9 lows under $75,000 may have run its course, suggesting potential for a renewed price swoon. Prices crossing below the Ichimoku cloud on the hourly chart, a momentum indicator, also suggests the same.
On the downside, $88,800 could serve as a key support level, having previously capped upward moves on March 24 and April 2, which suggests it may act as a critical price point if tested again.
The bearish hourly chart set up risks invalidation on renewed above the Ichimoku cloud, which would reinstate the bullish outlook for rise to $100K.
XRP death cross
XRP's recovery from April 7 lows has run out of steam, too, with prices falling back below the 50-day simple moving average (SMA).
More importantly, the 50-day SMA appears on track to cross below the 200-day SMA in what is known as the death cross long-term bearish indicator.
The impending death cross, against the backdrop of the overall downward trend since mid-January, raises the risk of a deeper sell-off. Note, however, that the death cross' record in predicting price trends has been mixed in both bitcoin and traditional markets.
More For You
‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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