Today, the cryptocurrency market is experiencing a downturn once again, with top assets like Bitcoin, Ethereum, and XRP all facing significant declines. Bitcoin led the drop, slipping below $112,000, while ETH/USD and XRP/USD also saw notable corrections.
As liquidations increase and bearish sentiment spreads, it is crucial to exercise caution in today’s market.
Bitcoin Extends Decline Below $112K
Bitcoin’s price fell by 2.13% today, dropping to $111,111, breaking below $112,000 due to whale sell-offs. Over 24,000 BTC worth $2.7 billion were sold off, leading to significant liquidations across exchanges.
Data from CoinGlass shows $837.92 million in liquidations in the past 24 hours, with $672.62 million in longs liquidated. The largest liquidation occurred on OKX’s BTC-USDT-SWAP pair, valued at $12.49 million.
The sudden selling pressure pushed Bitcoin closer to its key support level near $110,000, raising concerns of a potential slide towards $101,000.
On the BTC price chart, the asset broke down from an ascending wedge formation, heightening fears among investors and traders. With BTC price USD now 10.2% away from its all-time high, market sentiment remains fragile.
ETH Price Today Slips From ATH Momentum
Ethereum, the second-largest crypto asset, lost 3.85% in the past 24 hours, trading at $4,597, down from its recent all-time high of $4,955. Although ETH has shown relative strength compared to Bitcoin, it could face short-term weakness.
Technical indicators suggest Ethereum may revisit $4,151 before stabilizing. The rejection near $5,000 indicates that Ethereum’s rally is influenced by Bitcoin’s performance, with no guarantee of immunity in the future.
Despite this, ETH has shown resilience, and there is potential for it to lead the recovery once market conditions improve.
XRP Price Today Dips Below $3
XRP, the third most powerful crypto asset, is down 2.55% today at $2.9484. The XRP/USD pair has been trending lower since mid-August, with Bitcoin’s correction accelerating the decline. Traders are now eyeing August’s low of $2.74, with a possible retest near $2.40 in case of intensified selling pressure.
This movement underscores the close correlation between altcoins and Bitcoin’s market fluctuations, confirming the interconnectedness. Despite earlier optimism, the recent wave of liquidations and risk-off sentiment have dampened XRP’s short-term outlook.
