AUS
NZ
UK
CA
USA
IND
Highlights
- Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) face sharp declines, breaking key support levels.
- Over $1.17 billion liquidated across the crypto market in 24 hours.
- Technical indicators suggest bearish momentum for major cryptocurrencies.
The cryptocurrency market has encountered significant turbulence as leading assets Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) declined sharply over the past week. Key support levels were breached, triggering widespread liquidations totaling over $1.17 billion within 24 hours, as reported by CoinGlass.
Bitcoin (BTC) Dips Below $100,000 Support
Bitcoin's price, which reached a high of $108,353 earlier in the week, saw a steep decline of 7.8%, closing below the $100,000 psychological support level. On Friday, BTC traded near $97,500, reflecting continued bearish pressure.
Technical analysis indicates further downside potential, with the Relative Strength Index (RSI) at 49, below its neutral mark of 50, signaling bearish momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, suggesting a downward trend. If BTC continues its decline, it may retest the $90,000 support zone.
Ethereum (ETH) Loses Key Weekly Support
Ethereum followed Bitcoin's trajectory, dropping 14% after facing rejection near the $4,000 resistance level. ETH closed below its weekly support at $3,522 and traded around $3,450 on Friday.
Indicators suggest bearish momentum, with the RSI at 42 pointing downward. A sustained close below $3,335 could push Ethereum toward its next daily support level at $3,029. This price action underscores growing pressure on Ethereum as it struggles to regain bullish momentum.
Ripple (XRP) Shows Signs of Weakness
Ripple faced rejection at $2.66 earlier in the week, leading to a 12.78% drop over two days. XRP managed to bounce off the $2.21 daily support level, trading around $2.33 on Friday. However, technical signals point to potential exhaustion in bullish momentum.
The RSI, after rejecting the overbought threshold of 70, reads at 57, indicating waning bullish strength. If XRP falls below the $2.21 support level, it could decline further to test the $1.96 support zone.
Liquidation Wave Highlights Market Sensitivity
The sharp declines in BTC, ETH, and XRP triggered widespread liquidations across the crypto market. CoinGlass data revealed that $238 million in Bitcoin, $220 million in Ethereum, and $47 million in Ripple were liquidated within the last 24 hours. This underscores the market's heightened sensitivity to shifts in price momentum.
Broader Market Perspective
The recent downturn reflects a consolidation phase for the cryptocurrency market after an extended bullish run. While technical indicators highlight bearish sentiment in the short term, historical patterns in crypto price movements suggest volatility remains a defining characteristic of the sector.
As market participants assess these developments, the focus shifts to the ability of key support levels to hold amidst ongoing bearish pressure.
