Today, the cryptocurrency market faced continued price declines. Major cryptocurrencies such as Bitcoin, Ethereum, and XRP are experiencing noticeable drops.
BTC/USD Analysis
The rate of Bitcoin (BTC) has declined by 5.35% over the last day. On the daily chart, the price of BTC has broken the vital level of $100,000. If the bar closes below that mark and with no long wick, the correction is likely to continue to the $90,000-$95,000 range by the end of the week. Bitcoin is trading at $99,114 at press time.
ETH/USD Analysis
Ethereum (ETH) has followed the drop of BTC, going down by 7.34% since yesterday. The price of ETH is testing the support level of $3,028. If it breaks out, the rate of the main altcoin might enter a bearish zone, which may lead to an ongoing downward move to the $2,800-$2,900 area soon. Ethereum is trading at $3,069 at press time.
XRP/USD Analysis
XRP is the biggest loser today, falling by 9.78%. From the technical point of view, the price of XRP is already in the bearish zone, breaking the $2.9092 level. If buyers cannot seize the initiative by the end of the day, traders may witness a test of the $2.50-$2.60 zone shortly. XRP is trading at $2.7954 at press time.
The current dynamics of the cryptocurrency market remain negative. The coming days may show the further direction of major digital assets.
