As the month of August kicks off, the cryptocurrency market stands at a crucial technical juncture. While the broader market shows signs of increasing bearishness this week, the top three digital assets that are Bitcoin (BTC), Ethereum (ETH), and XRP are revealing distinct technical patterns that could shape their price trend throughout the month.
Following this, the crypto-space has recorded a liquidation of over $658 million over the past 24 hours. A massive $601.67 million came from long positions, whereas only $14.73 million was observed from short positions. Out of this, $122.39 million was recorded within the last one hour, suggesting rising negativity. But why is crypto market down today?
Notably, top marketers suggest the ongoing market-wide correction to be a result of Donald Trump’s latest tariff orders that was announced today.
With Bitcoin maintaining a dominant grip on the market, Ethereum showed signs of resilience, whereas the XRP price remained highly volatile. With this, traders and investors are keen to understand what lies ahead for these major tokens.
Bitcoin Price Retests $113K Today
The Bitcoin price began the month on a cautious note, currently listed at $113,264.64, it has lost about 1.26% today. This brings BTC roughly 8% below its all-time high (ATH) of $123,091.61, suggesting that the asset is under renewed pressure from sellers around key resistance levels.
On the other hand, over the past 24 hours, the Bitcoin ETF has recorded an outflow of over $800 million, largest since February 2025. This created multiple questions and fear-like situations among the investors.
Technical indicators add further weight to the cautious outlook. The daily chart reveals constant rejection around the $115,000 mark, and the Moving Average Convergence Divergence (MACD) is showing bearish divergence, signaling potential downward momentum.
However, the dominance index remains strong at 61.466%. From a support perspective, technical charts suggest buying interest around the $110,000 to $112,000 range, zones that previously served as strong consolidation areas. A breakdown below this support range could result in a deeper pullback toward $107,000 on the weekly timeframe.
For August, the BTC price movement will likely remain range-bound unless strong event triggers or institutional involvement increases. Traders should keep a close watch on the $115,000 resistance and $110,000 support to determine short-term breakout or breakdown.
Ethereum Price On Crossroads, Make or Break Situation
Altcoin leader, Ethereum crypto is currently trading at $3,475.55. Notably, the ETH price has experienced a drop of 2.80% in the past 24 hours. With this, its year-to-date (YTD) return stands at +4.33%, outperforming most traditional financial assets.
Despite being 29% down from its all-time high of $4,891.70, the ETH coin price appears to be in a phase of accumulation. The Relative Strength Index (RSI) is at 52.77, indicating neutral momentum. Moreover, it has managed to break above the $3,400 resistance, and is now facing short-term just under the $3,500 mark.
With over 9.05 million ETH traded in the last 24 hours, the surge in activity may point to increased institutional involvement. If ETH successfully retests and holds above the $3,400 level, the next short-term target could be $3,800, followed by a push toward its upper target price of $4,000.
Technically, the key support zones lie between $3,200 and $3,300, where several technical indicators overlap. A strong bounce from these levels could result in a bullish outlook for August.
XRP Price Loses Momentum, Breaks Below $3
Of the three assets, XRP presents the most volatile technical sentiment. Currently trading at $2.85 after a 4.86% daily decline, the XRP price has seen monthly gains of 25.94%, suggesting a bullish outlook in the longer time frames. However, the recent climb to $3.8419 has been wiped out with its recent correction, pulling the price back to mid-July levels.
Adding to this, the XRP token is now facing resistance around the $3.25 and $3.30 zone, a key level it must breach to regain bullish momentum.
Volume indicators provide some optimism as over 2.24 billion XRP changed hands recently, signaling continued participation from large holders and possibly institutional players. Moreover, the BBP indicator suggests XRP may be in oversold territory, suggesting mixed market sentiments.
The XRP price could remain a high-risk asset in August if it fails to reclaim the $3.30 resistance level. This would bring in a potential for further downside, resulting in it moving toward its next major support levels around $2.60 this month.
Conclusion
Considering the historic market sentiments, the month of August typically brings a slowdown in traditional financial markets. As Bitcoin faces critical resistance, Ethereum positions for a bullish breakout, and XRP oscillates between hype and correction, traders are suggested to remain cautious about their each move.
Also Read: Weekly Wrap: Market Turns Bearish, SEC Launches Project Crypto, ETH Reserve Hits $10B, and More
Disclaimer: The Crypto Times does not promote these tokens and this article was written only for educational reasons. Make sure to “DYOR” before investing in any digital assets.
