Bitcoin and Crypto Market See Sharp Decline
Bitcoin (BTC) fell 4.5% from last week’s high as risk-off sentiment hit the crypto market. On Monday, BTC traded just above $112,000. This drop came amid increased volatility and liquidations across cryptocurrencies.
Ethereum (ETH) also dropped below its 50-day Exponential Moving Average (EMA), falling under $4,200. This raises the risk of a further decline toward the $4,000 support level. Ripple’s XRP fell below $3.00, with sellers targeting the 200-day EMA as support.
Crypto Liquidations Surge Amid Market Sell-Off
Market volatility caused large liquidations in the past 24 hours. Data from CoinGlass shows total liquidations reached $1.7 billion. Most liquidations were long positions, totaling $1.61 billion, while short positions accounted for about $84 million.
- Bitcoin liquidations hit around $269 million in longs and $6 million in shorts.
- Ethereum saw $466 million liquidated in longs and $18 million in shorts.
- XRP liquidations reached $74 million in longs and $814,000 in shorts.
These liquidations reflect growing risk aversion among traders. Bitcoin’s sell-off may continue unless buyers step in to support prices. Ethereum and XRP also face pressure as bearish momentum builds.
Technical Outlook: Bitcoin, Ethereum, and XRP
Bitcoin is holding just above the 100-day EMA at $111,846. The Relative Strength Index (RSI) dropped to 43 from 61 last week, showing weakening momentum. The Moving Average Convergence Divergence (MACD) is close to a sell signal, which could push BTC below $110,000. Key supports lie at $107,304 and the 200-day EMA near $105,965.
Ethereum trades below its 50-day EMA at $4,252, now acting as resistance. The RSI at 39 points to stronger bearish pressure. The MACD shows a sell signal, suggesting ETH may test supports at $4,000, $3,832 (100-day EMA), and $3,369 (200-day EMA).
XRP remains below its 50-day EMA at $2.95 and 100-day EMA at $2.83. The MACD sell signal confirms bearish trends. If XRP falls below the 100-day EMA, it may find support near $2.70 and the 200-day EMA at $2.59. A rebound above $3.00 is possible if buyers return.
