Bitcoin $88.8K Support Becomes Relevant After Trendline Break; XRP Targets Death Cross: Technical Analysis
Omkar Godbole | Edited by Parikshit Mishra Updated May 5, 2025, 2:38 PM Published May 5, 2025, 1:54 PM
This is a daily technical analysis from CoinDesk analyst and certified technical specialist Omkar Godbole.
Bitcoin (BTC) price action over the weekend has drawn attention to the $88,800 support level, while XRP, a cryptocurrency focused on payments solutions, appears to be close to confirming a bearish chart pattern known as a “death cross.”
BTC fell 1.5% on Sunday (UTC), breaking out of the trend line connecting the lows of April 9 and 20, according to TradingView charts.
The break of the rising trendline, a demand area, suggests that the recovery rally from the April 9 lows below $75,000 may have run its course, suggesting that another price decline is likely. The price crossing the hourly Ichimoku cloud, a momentum indicator, also suggests the same.
On the other hand, the $88,800 level could become critical support as it previously capped the gains on March 24 and April 2, implying that it could become an important price point in case of a retest.
The bearish setup on the hourly chart risks being invalidated if there is a resumption above the Ichimoku cloud, which would restore the bullish outlook for a rise to $100K.
XRP’s recovery from the April 7 lows has also run its course, with prices falling below the 50-day simple moving average (SMA).
Moreover, the 50-day simple moving average appears to be moving towards a crossover with the 200-day simple moving average below
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