ISLAMABAD – Cryptocurrency market is facing a steep decline as Bitcoin, Ethereum, and Ripple are struggling mid-week.
As of Wednesday noon, Bitcoin (BTC) is currently hovering around $89,000 after breaking out of its extended consolidation phase and hitting a low of $86,050. The cryptocurrency’s price movement sparked a broader decline in the market, with Ethereum (ETH) and Ripple (XRP) also experiencing notable drops, down nearly 11% and 12%, respectively.
BTC saw sharp drop on Monday, falling below $94,000 support level and closing at $91,552, marking around 5pc decline. The cryptocurrency continued its downward trajectory on Tuesday, slipping further by 3.14% to a low of $86,050.
Bitcoin stabilized now, with analysts predicting that a further pullback could bring it down to the next support level at $85,000. (RSI) for first decentralized cryptocurrency currently hovers at 29, showing selling pressure and signaling a potential reversal or short-term bounce.
Ethereum followed similar pattern, shedding nearly 11pc of its value on Monday. By Wednesday, Ethereum was priced at around $2,486 after testing its daily support level at $2,359. If ETH falls below this support, it could drop further to the February 3 low of $2,125. The RSI for Ethereum is at 36, indicating bearish momentum, although a rebound could see the price retest its Monday high of $2,839.
Ripple’s price took a hit, dropping over ten percent earlier this week, touching low of $2.06. On Wednesday, Ripple was trading around $2.29. If the $2.72 resistance level holds, it could lead to further declines, testing the next support at $1.96. Like Bitcoin and Ethereum, Ripple’s RSI is at 36, signaling ongoing selling pressure.
The overall trend in the cryptocurrency market suggests a period of correction, with major cryptocurrencies facing significant resistance. Traders are advised to closely monitor support and resistance levels, as market conditions remain volatile.
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