Bitcoin, Ethereum, and Ripple Start December with Losses
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all dropped over 4% on Monday. They face more selling pressure. Bitcoin could fall to $80,000, Ethereum to $2,100, and Ripple to $1.90. The sell-off follows Bank of Japan Governor Kazuo Ueda’s statement. He said interest rates might rise if the economy behaves as expected. Higher rates can increase borrowing costs and hurt carry trades.
Bitcoin Faces Stronger Downtrend Risk
Bitcoin trades below $87,000 as of Monday. It might form a bearish marubozu candle on the daily chart. This would continue the decline after last week’s $92,800 retest. The Relative Strength Index (RSI) is at 33, close to oversold levels. If RSI drops below 30, a longer downtrend may follow. The MACD indicator may also give a sell signal soon.
Bitcoin’s next key support is near $80,600 from November 21. Without new positive news, BTC could drop to the April low of $74,508. A possible rate cut by the US Federal Reserve could help Bitcoin rise back to $90,000.
Ethereum and Ripple Show More Selling Pressure
Ethereum is down about 5% from resistance on Monday. It risks breaking below $2,800 support. A daily close under $2,623 from November 21 would confirm a breakdown. This could push prices down toward $2,111, last seen in June. Ethereum’s RSI is 34, and the MACD is near a bearish crossover.
Ripple (XRP) dropped more than 4%, extending Sunday’s 2% loss. XRP is near the $2.00 mark. Bears may push it down to $1.90, the support from June 22. XRP’s RSI is at 40, showing selling pressure. The MACD also nears a sell signal. If XRP holds $2.00, it may rebound to $2.20 resistance from October and November highs.
