Elena, a seasoned expert in technical analysis and risk management within the cryptocurrency market, brings over a decade of experience in financial journalism. Her passion for uncovering new insights in the ever-evolving crypto arena sets her apart as an avid researcher and writer.

As bearish sentiment intensifies across the cryptocurrency market, Bitcoin’s price has broken down past its critical support trendline at $58,000. This event, coupled with the declining shares of Nvidia, has dealt a significant blow to the prospects of Artificial Intelligence (AI) within the market.

Meanwhile, leading altcoins continue to struggle to maintain their values above key support levels, facing intense downward pressure.

In this detailed analysis, we explore the technical and social sentiments surrounding the top three cryptocurrencies and outline their potential short-term price targets.

Bitcoin (BTC) has seen a 4.09% decline over the past 24 hours, with a trading volume reaching $33.404 billion, reflecting heightened market volatility. Over the past week, Bitcoin’s price has further decreased by 5.51%, bringing it close to its support zone around $56,500.

The Exponential Moving Average (EMA) for 50/200 days has shown a consistent downtrend on the daily chart, suggesting a strong possibility of a Death Cross—a signal that typically indicates a sustained bearish trend in the market.

If Bitcoin can maintain its price above this crucial support level, it could potentially retest the $60,000 mark in the coming weeks. However, continued bearish dominance might see Bitcoin’s price plunging towards its lower support level at $53,500.

For long-term forecasts, refer to our detailed Bitcoin Price Prediction.

Ethereum (ETH), the second-largest cryptocurrency by market cap, has experienced a roughly 5% drop within the past day, falling below its significant support level at $2,500. Over the past month, Ethereum has plunged by 17.96%, indicating a persistent long-term bearish trend.

The Moving Average Convergence Divergence (MACD) indicator on the daily timeframe shows an increasing red histogram with negative convergence, reinforcing bearish sentiment. Additionally, the bearish Simple Moving Average (SMA) suggests that ETH may continue to lose value in the near term.

If bullish momentum re-emerges, Ethereum’s price could head towards its resistance level at $2,530. Conversely, sustained bearish pressure might force Ethereum to retest its critical support level at $2,175.

Ripple (XRP), despite maintaining a long-term bullish sentiment, has seen its price drop by 3.12% over the past day and 5.16% over the past week. XRP is currently on the verge of testing its crucial support level, and the outcome remains uncertain.

The Relative Strength Index (RSI) has failed to break past its neutral point, resulting in a sharp bearish reversal. Furthermore, the EMA for 50/200 days displays a negative trend, indicating a bearish outlook for XRP this week.

Should market momentum recover, Ripple’s price might breach its support zone and aim for the $0.60 level. On the other hand, if bearish forces prevail, XRP could see its price drop towards its lower support level at $0.4880.

This comprehensive analysis aims to provide insights into the current technical and social sentiments affecting the top cryptocurrencies and their possible short-term trajectories in a volatile market environment.