- BTC, ETH, and XRP defended crucial short-term support levels.
- Will they bounce back to their new highs ahead of Christmas?
On Wednesday, 18th of December, the US Fed made another 0.25% interest rate cut, but its 2025 hawkish projection triggered Bitcoin’s [BTC] decline to $100K.
During the same trading session, Ethereum [ETH] dropped 6.8% while Ripple [XRP] dumped 10%. All the major digital assets eased at short-term support levels as analysts remained optimistic about risk-on assets.
So, will the big three bounce back or slide lower? Let’s explore charts for insights.
Bitcoin defends $100K: Will ETH, XRP rebound?
Source: BTC/USDT, TradingView
Since the 12th of December, BTC bulls have defended $100K. The recent FOMC meeting sell-off eased at the psychological level. This confirmed it as a support.
Interestingly, the 100-day EMA (exponential moving average), which stopped past BTC dumps since October, aligned with the channel lows. This made the $98K-$100K a strong short-term support for BTC.
The mid-range of $104K and upper level of $108K-$109K could be feasible if the support holds.
On the flipside, a breach below the support could escalate further carnage and embolden bears. In such a case, $90K and $85K could become reachable for bears.
That said, the recent decline was also driven by a liquidity hunt, which was currently concentrated at $102.5K, $105K and $108K levels (bright yellow lines).
