The crypto market took a hit today as Bitcoin dropped below a key support level

The crypto market took a hit today as Bitcoin dropped below a key support level, weighed down by profit-taking and broader macro concerns.

The crypto market took a hit on Thursday afternoon Asian time as Bitcoin slid below a key support level amid profit-taking and broader macro concerns.

By 1:30 PM ET (5:30 AM Friday, May 15) afternoon Asian time, the total crypto market cap slid by 4.8% to $3.39 trillion. Bitcoin dipped 1.6% to around $101,846, sliding below the $103,100 support level. Analysts are now keeping an eye on the $101,600 mark as the next crucial level that it needs to hold to keep the recent bullish momentum alive.

The dip in BTC price comes after the latest U.S. Consumer Price Index (CPI) data was released. Inflation for April came in lower than expected, rising just 2.3% year-over-year—the slowest pace since 2021, and down from March’s 2.4%.

While low inflation can be a good sign, it also hints at weakening consumer demand, which could point to underlying recession fears. What’s more, despite pressure from former President Donald Trump to do so, the Federal Reserve is likely to keep interest rates steady even with the softer inflation print. This is because the full impact of Trump’s new tariffs has yet to be realized in consumer prices.

Rate cuts are something the crypto traders have been hoping for, as lower rates usually boost liquidity and risk appetite. But it seems like the Fed is in no mood to cut rates just yet.

Investors will be keeping an eye out for the U.S. Producer Price Index (PPI) later today at 12:30 PM UTC. The report should give more clues about inflation, which could play a big role in what the Fed decides to do next with interest rates.

Most market experts are expecting the Fed to keep interest rates steady at its next monetary policy meeting, which could be a factor behind the recent profit-taking activity, especially after Bitcoin’s strong run above the $100,000 mark.

But while most of the market is sliding, some altcoins may be better positioned to handle the downturn. Here's a look at three tokens to watch:

Ripple (XRP)

XRP, in particular, has been a consistent performer since the beginning of 2025, supported by a series of bullish developments around Ripple and its ecosystem. Notably, the SEC recently decreased Ripple’s fine to $50 million, effectively concluding the prolonged lawsuit and reaffirming XRP’s non-security status.

Further highlighting XRP, investors will be focusing on the upcoming launch of CME’s XRP futures on Monday, May 19, and a critical SEC decision on a proposed ETF linked to XRP next month.

On the daily chart, XRP bounced nicely after hitting a low of $1.6218 in April. It’s now trading above both the 50-day and 100-day moving averages, which is a bullish sign.

XRP also formed an inverse head-and-shoulders pattern, a classic technical signal that often points to a trend reversal. The “head” is around $1.62, and the two “shoulders” are near the $2 mark.

While the rally could continue from here, there’s also a chance XRP might dip to retest the $2.21 support level before moving higher again. This kind of move, known as a break-and-retest, is usually seen as a strong bullish setup.

If the current trends hold, XRP could climb back to its year-to-date high of $3.40, which would represent a potential 36% upside from its current price.

Tron (TRX)

TRX has also been steadily increasing in this bull cycle, supported by TRON’s expanding role in the stablecoin market and rising on-chain activity. The network recently surpassed Ethereum in total USDT supply, highlighting its key infrastructure for stablecoin transfers, especially in emerging markets.

Other bullish drivers include TRON’s deeper integration with real-world asset platforms and its sustained dominance in daily active addresses and transaction count, consistently outpacing most layer-1 networks throughout 2025.

On the daily chart, TRX bounced nicely from support at $0.21, heating up to trade above $0.28 this week. It finally broke above the $0.25 resistance level, which had been holding it back since January.

Tron is now trading inside an ascending channel and just below the top of that range. It’s also moved above the 20-day and 50-day EMAs, which is usually a sign of strength.

If TRX breaks above the $0.28 level, it could push higher toward the $0.45