Bitcoin, Ethereum and XRP entered the new week with a volatile trend, while market volatility is increasing investors' concerns. Bitcoin has lost 8% in the last 30 days, while Ethereum and XRP have experienced similar declines. However, there is a possibility of recovery if certain support levels are maintained for all three cryptocurrencies.
Bitcoin is trading at $91,600.2, Ethereum at $3,116.3, and XRP at $2.4. The sideways movement in Bitcoin’s price in particular has led to a similar performance by altcoins. With increasing market volatility, investors are curious about what developments will occur in these cryptocurrencies.
Bitcoin’s Decline Continues
Bitcoin lost 5% in the past week and has fallen 8% in the last 30 days. Daily trading volume increased by 59.12% to $25.9 billion. However, BTC’s Relative Strength Index (RSI) is showing a neutral trend. The Simple Moving Average (SMA) indicator is showing a downward movement, indicating that the downtrend may continue.
According to experts, if the Bitcoin price enters an uptrend, it could retest the $100,000 level. However, if the bearish pressure in the market continues, a pullback to $90,000 levels could occur.
Ethereum and XRP Test Critical Levels
Ethereum, following Bitcoin, lost 1.07% in the last 24 hours. Its daily trading volume reached $ 13.7 billion. While an increase is observed in the red histogram on ETH’s Moving Average Convergence and Divergence (MACD) indicator, the Exponential Moving Average (EMA) 50-day line made a negative cross. This indicates increasing selling pressure.
If Ethereum can hold the $3,272 support level, a rally to $3,700 is possible, but a drop to $3,100 is also a possible scenario.
XRP, on the other hand, has lost 1.47% in the last 24 hours. XRP’s daily trading volume has reached $5.4 billion. The altcoin, which has gained 8.10% since the beginning of the year, is currently trading above the $2.50 level. A possible bullish crossover in the SMA indicator indicates that XRP could retest the $3 level. However, if the downtrend prevails, the price is expected to retreat to $2.