Bitcoin Holds Steady After Big Sell-Off
Bitcoin (BTC) is trading around $115,000 on Monday. This comes after last week’s large sell-off. Investors are taking a moment to recover. Total single-day liquidations in all cryptocurrencies reached $19 billion for the first time. Altcoins faced most of the losses on Friday.
Ethereum (ETH) is trading above $4,100. Ripple (XRP) is near $2.60. The total crypto market cap has risen above $4 trillion, up from $3.78 trillion on Sunday, according to CoinGecko.
Market Reaction to Trade Tensions
U.S. President Donald Trump’s comments on trade with China caused market fears on Friday. He suggested new tariffs and export controls. This shook both stock and crypto markets. Bitcoin dropped to about $102,000 before bouncing back over the weekend.
Liquidations hit a record $19 billion, hitting leveraged traders hard. Despite this, Bitcoin, Ethereum, and Ripple prices have recovered. The derivatives market is calmer now. Liquidations in the last 24 hours averaged $627 million. About $420 million in short positions and $206 million in longs were liquidated.
Technical Update: Bitcoin and Altcoins
Bitcoin bulls regained control after the drop to $102,000. BTC stays above $115,000, supported by a rising Relative Strength Index (RSI) at 47. If RSI moves above 50, bullish momentum could grow. This may help Bitcoin break the $120,000 resistance.
The 50-day Exponential Moving Average (EMA) at $115,627 is a key resistance level. The Moving Average Convergence Divergence (MACD) still shows a sell signal. If the MACD line stays below the signal line, more traders may short Bitcoin. The 100-day EMA at $113,519 and 200-day EMA at $107,981 could absorb selling pressure.
Ethereum has recovered from $3,430 to trade between $4,100 and $4,200. The 100-day EMA at $3,973 and 200-day EMA at $3,534 support this rise. The 50-day EMA at $4,247 is a resistance to watch. Breaking above it may lead to a move past $4,500 and the descending trendline from August’s high of $4,956.
Ethereum futures Open Interest rose to $75 billion after falling to $70 billion on Saturday. If this trend continues, Ethereum’s chances to reach new highs will improve.
XRP bulls are nearing the 200-day EMA resistance at $2.63 after falling to $1.25 on Friday. The RSI has risen above 40, signaling less bearish pressure. Key levels for XRP include closing above the 200-day EMA and reclaiming the 100-day EMA at $2.82 and 50-day EMA at $2.85.
However, XRP’s MACD still shows a sell signal. If the MACD line stays below the signal line, selling pressure may continue.
