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Analysts said that the crypto market is entering a deeper correction phase
Bitcoin, Ethereum, and Ripple ended the week lower, continuing a several-day slide. According to FXStreet, Bitcoin lost more than 5% and dropped below $ 100,000, Ethereum fell by about 10%, and XRP by more than 2%. Bearish sentiment prevails on the market, and the risks of further correction remain high.
Bitcoin BTC $94,806.00 Mezo Wrapped BTC -4.66% Market capitalization $48.65 million VOL. 24 hours $5.4 billion has bounced off the 38.2% Fibonacci retracement level of $ 106,453, calculated from the April low of $ 74,508 to the October high of $ 126,299. As of Friday, BTC was trading around $ 99,300. If the price consolidates below the $ 97,460 support, the drop could continue to $ 95,000. The RSI indicator has dropped to 35 points, which indicates that sellers are in the lead, and the MACD is forming a sell signal.
Ethereum ETH $3,189.40 Bridged Ether (StarkGate) -5.65% Market capitalization $71.43 million VOL. 24 hours $3.74 billion failed to overcome resistance near $ 3,592 and fell by almost 10% in three days. Currently, ETH is trading around $ 3,200. If the price falls below the $ 3,170 support, the next target could be $ 3,017. The RSI and MACD indicators also show a growing bearish momentum. If it recovers, Ethereum could return to $ 3,592.
XRP XRP $2.30 XRP -5.55% Market capitalization $138.39 billion VOL. 24 hours $0.65 billion rose by 6.75% to $ 2.53 at the beginning of the week, testing the 50-day exponential average, but did not hold its position. After rejecting the resistance, the token closed below the $ 2.35 support and is currently trading around $ 2.30. If the decline continues, the next support level could be $ 1.96. The RSI indicates bearish dynamics, and the MACD indicates uncertainty among market participants.
Analysts believe that for the market to recover, it is necessary to overcome key technical levels: $ 106,453 for BTC, $ 3,592 for ETH, and $ 2.53 for XRP. Until then, pressure from sellers is likely to continue.