Why BTC, ETH, XRP & DOGE Prices Are Crashing Today?
Highlights
- Bitcoin's price surged to $107,114 but dropped 4.23% due to massive selling pressure.
- $651 million worth of positions were liquidated in the past 24 hours.
- Despite the drop, the overall outlook remains bullish, with potential targets of $118k and $135k.
The weekend pump and dump in the crypto market was due to Bitcoin (BTC)’s uptick to $107,114 on Binance. This volatile swing caused the total crypto market capitalization to drop 4% to $3.36 trillion. Due to this sudden crash, altcoins experienced massive losses. Ethereum (ETH) price, Dogecoin (DOGE) price and XRP price sufferred brutal pullbacks in the past 24 hours.
CoinGlass data shows $671 million positions were liquidated over the past 24 hours as Bitcoin price chopped up and down close to its ATH of $109k.
Why is Bitcoin (BTC) Price Down Today?
From a technical perspective, Bitcoin price swept the last week’s high of $105,663 but was met with massive spike in selling pressure from resting asks. This caused BTC to drop 4.23% from the new high of $107,114 to a local bottom of $102,579.
As noted in previous articles, BTC could drop down to $100k to $99k, a critical support zone.
Why Are ETH, XRP, DOGE Prices Down Today?
The correlation between altcoins and Bitcoin (BTC) is high, which explains why a drop in the king crypto affects other altcoins as well. Hence, the sudden collapse in BTC price has caused Ethereum’s price to drop 8.76% in the past 13 hours. Likewise, XRP price has shed 5.31% while DOGE price is down 9.11% in the same period.
Although the Bitcoin price prediction remains bullish, investors need to be cautious in trying to catch the falling knife due to BTC’s volatility dropping to a 10-month low.
What’s Next for Bitcoin (BTC) Price?
Due to the recent drop, Bitcoin price has spawned a bearish engulfing candlestick, undoing Sunday’s 3.23% gain. A sustained spike in selling pressure could see BTC drop down to $101.k, a key support level, coinciding with previous value’s range high. A breakdown of this level could see BTC trade lower, between the $100.3k and $99.8k range, formed due to the single print on the TPO chart.
Since the overall outlook of Bitcoin price remains bullish, investors should see BTC slowdown as it enters this area. Such a devleopment could be setting the stage for the next BTC ATH targets of $118k and $135k.
Frequently Asked Questions (FAQs)
1. Why did Bitcoin's price crash?
2. How did altcoins perform?
3. What are the key support levels for Bitcoin?
- Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- BlackRock Now Holds 3.8% of Bitcoin Supply; Bloomberg Analyst Explains Why It’s ‘Extraordinary’
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
