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
Why did Bitcoin's price crash?
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What are the key support levels for Bitcoin?
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