Popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP are flashing risky chart patterns just ahead of the quarterly triple witching event—a historically volatile period for global markets. The timing has amplified concerns among investors as the crypto market prepares for a potential shake-up.
Bitcoin Slides Below Weekly Highs as Wedge Pattern Emerges
Bitcoin has retreated from a weekly high of $87,158 to trade around $83,580. Technical indicators suggest further downside potential, as BTC has formed a rising wedge pattern—a bearish signal often seen before corrections. This setup is reinforced by a double-top formation at $108,150 and a recent death cross pattern (when the 50-day moving average crosses below the 200-day average), both pointing toward possible declines. The next key support level lies near $76,890, the March low.
Ethereum Breaks Key Support as Triple-Top Forms
Ethereum has dipped below the psychological $2,000 level and is currently trading under major long-term moving averages. The asset recently formed a triple-top pattern at $4,005 with a neckline at $2,140. A break below this neckline confirms bearish pressure, with analysts warning of a potential drop to the $1,500 region. The pattern reflects weakening momentum and caution among ETH holders as broader market uncertainties unfold.
XRP at Risk Despite Regulatory Clarity
XRP has fallen from this week’s high of $2.59 to $2.35, even after the conclusion of the Ripple-SEC lawsuit. The decline is driven by a bearish head and shoulders pattern, with a neckline at $1.93. The inability to move above the $3 level (shoulder resistance) confirms the pattern’s validity. If XRP breaks below the neckline, it could fall toward the $1.00 mark.
Triple Witching Event Looms
Much of the current volatility can be attributed to the looming triple witching event on March 22—the simultaneous expiration of stock options, index options, and futures contracts. Valued at over $4.5 trillion, the event tends to trigger large-scale rebalancing by institutional players, leading to rapid price swings in both traditional and digital asset markets.
Looking back, the last triple witching event on December 20 saw Bitcoin open at $97,777, plunge to $92,200 mid-day, and recover to close near $97,000—highlighting the sharp intraday movements traders should expect again.
Macro Factors Add to Pressure
This quarter’s triple witching arrives amid renewed fears of tariffs under a potential Donald Trump administration and lingering concerns over stagflation. While the Federal Reserve recently left interest rates unchanged, Chair Jerome Powell signaled that inflation might still be transitory. The central bank also hinted at a gradual wind-down of its quantitative tightening program—adding to market uncertainty.
With Bitcoin, Ethereum, and XRP all forming bearish technical patterns, traders and investors should brace for elevated volatility in the days surrounding the triple witching event. The coming sessions may be pivotal in determining whether the current downturn deepens or stabilizes post-expiration.
