Bitcoin shows signs of weakness while Ripple's bank win fails to bolster XRP

Bitcoin (BTC) is showing signs of weakness as it trades below $80,000, which is its 50-day average. Technical indicators suggest the downtrend is likely to continue, with the market set to drop further below its 50-day moving average. The support level is currently at $80,000, and a break below this could potentially take BTC down to $75,000 and even $73,000.

Secure Digital Markets noted that BTC spent two weeks between $80,000 and $86,000, and its 30-day range has narrowed from 13% to 6%, indicating a volatility squeeze that often ends with a sharp move. Meanwhile, Ripple (XRP) received approval from a U.S. regulator to establish a national trust bank, which may bolster institutional custody infrastructure.

However, XRP has lost 0.5% since midnight UTC, and the charter itself does not require buying XRP. The distinction matters as XRP funding is at 0.81 basis points and dollar open interest (OI) is up 3.1%. While headlines may sound bullish, it is crucial to stay alert and not overlook the potential downside.