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- The current broad market downtrend forces Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) to trade below crucial support levels as analysts anticipate further corrections.
- Bitcoin enters below the oversold territory on the Relative Strength Index (RSI) reading as it struggles to maintain its current level.
The crypto market’s woes continue as the top assets break out of their prolonged consolidation and slip below crucial support levels. Bitcoin, for instance, plunged below $94k to $91k in a 4% decline. From this level, the asset made another fall to its monthly low of $86k before staging a slight rebound to find consolation at the $88k level.
Bitcoin (BTC) Price Analysis
According to our market data, Bitcoin has printed negative returns across all the notable trading periods as it falls by 0.79% in the last 24 hours, 7% in the last seven days, 9% in the last 30 days, 7% in the last 90 days, and 5% from year to date. Regardless, its trading volume remains 36% up from the previous day as $78 billion changes hands at press time.
Looking at the current trend, Bitcoin appears to be “deeply settled” below the oversold territory with a Relative Strength Index (RSI) reading of 29. According to analysts, this could be a point of a rebound or a continuation of the existing correction. A successful rebound could see the asset retesting the $100k zone. However, failure to hold could see a further decline to $80k as indicated in our earlier discussion.
Ethereum (ETH) Price Analysis
Ethereum (ETH), the second largest crypto by market cap, followed a similar trend as it lost 11% of its accumulated gains over the past week. Per our market data, the asset seems to be recovering from its daily low of $2,357 as it surges by 4% to trade at $2,500 at press time. Even so, ETH is facing serious rejection from the neutral territory of 50 on the RSI chart.
Currently, the asset is within the oversold territory of 36, with the bearish momentum expected to “drag” the price to its February 3 low of $2,125. Regardless, whales are still “betting big” on ETH as noted in our earlier post.
At press time, ETH had declined by 7% in the last seven days, 18% in the last 30 days, 31% in the last 90 days, and 26% from year-to-date. The 24-hour trading volume has taken a similar trend as it declines by 12.8%, with $29.9 billion changing hands. According to analysts, a decisive recovery could see the price retesting the $2,800 level.
Ripple (XRP) Price Analysis
Ripple (XRP) is currently the fourth largest crypto by market cap, earlier declining by 12% to reach $2.06. At press time, the asset seems to have taken a sharp rebound to $2.2 after surging by 5% in the last 24 hours.
Unlike the others, XRP seems to have shown resilience, as it still has a positive return of 55% on its 90-day chart. According to analysts, this asset could stage a bullish reversal to $2.7 once bulls re-enter the market as outlined in our recent blog post. However, a continuation of the current trend could send the price to $1.96. For now, XRP is in the oversold territory of the RSI indicator.
