XRP Outperforms the Market as Cryptocurrencies See Another Day of Bearish Price Action

Cryptocurrencies saw another day of bearish price action on Thursday, with only XRP displaying relative strength.

Cryptocurrencies continued their downward trend on Thursday, with only XRP showing signs of relative strength.

Here's a glance at the 24-hour price action and other movements in the crypto market:

What Happened: Crypto trader Ted Pillows highlighted that Bitcoin (CRYPTO: BTC) has now reclaimed the $80,000 liquidity level. Should it manage to sustain above this point, a move towards the $87,000 liquidity zone could be seen.

In another post, Ted observed that Bitcoin is holding above its key support trendline, comparing it to the 2017 and 2020 trends. This, he suggests, indicates that the cycle isn't over yet. A retest of the $72,000-$74,000 level is anticipated before a bottom is formed, followed by consolidation and then the next leg up.

Crypto trader Nebraskangooner explained that the Bitcoin top will only be confirmed if the weekly candle closes below the $67,250 mark. If this occurs and BTC follows historical patterns, then key levels below could suggest phases of distribution, accumulation, or an instant reversal, which has been seen in past bear markets.

Crypto trader Nebraskangooner explained that the Bitcoin top will only be confirmed if the weekly candle closes below the $67,250 mark. If this occurs and BTC follows historical patterns, then key levels below could suggest phases of distribution, accumulation, or an instant reversal, which has been seen in past bear markets.

If this happens AND $BTC remains historically predictable then we have key levels below

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