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

The immediate prospects for bitcoin BTC $84,459.46 and the wider crypto market look bleak, with prices trading below key levels, according to some observers.

The largest cryptocurrency is trading below $80,000, less than its 50-day average in a sign of near-term weakness.

“Technical indicators suggest the downtrend is set to continue, as the market sinks further below its 50-day moving average and the resistance zones from May and September have failed to act as support,” Alex Kuptsikevich, the chief market analyst at FxPro, wrote in an email.

Kuptsikevich isn’t alone.

“The key support is the $80,000 zone – a break below that could open the door to $75,000, then $73,000,” Secure Digital Markets said in a daily note.