Ethereum
“Time to panic?” » – Sudden $200 Billion Bitcoin, Ethereum, Solana, XRP and Crypto Price Drop Raises “Critical” Alarm
Bitcoin
Bitcoin
fell sharply, crashing towards $60,000 per bitcoin and hitting other major cryptocurrencies including Ethereum, Solana and XRP.
XRP
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The price of bitcoin fell to $62,000, its lowest level since early May and down more than 10% from its recent high. Meanwhile, the price of the other top ten coins Ethereum, XRP and Solana fell even more sharply, wiping $200 billion from the combined market over the past week.
Today, traders are looking towards a “critical level” which, if exceeded, could cause the price of bitcoin to drop significantly:even as the market prepares for a massive political earthquake this week.
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The price of Bitcoin collapsed to $60,000 per Bitcoin, reaching the price of Ethereum, Solana, XRP… [+] and the broader crypto market.
SOPA Images/LightRocket via Getty Images
“The critical level to watch is $61,500,” wrote Markus Thielen, Bitcoin and crypto price analyst at 10X Research in a statement. note to customers who asked if it was “time to panic?”
“If bitcoin trades below this level, prices could fall as low as $50,000 or even lower. Technically, bitcoin appears to be in a double top formation, as the support level is being broken. test. This chart formation should be our base case unless it becomes invalidated. This formation could easily drop to $50,000 or even $45,000.
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The fall in the price of Bitcoin has caused the crypto market, including Ethereum, Solana, and XRP, to plummet.
Forbes Digital Assets
The bitcoin and crypto market has surged this year as traders bet on a dovish turn from the Federal Reserve as inflation measured by Consumer Price Index (CPI) data declines alongside a radical political change in Washington that could mean a much friendlier attitude towards crypto from US regulators. .
“Yes, the US elections and the CPI are expected to be bullish later this year, but we may still have a steeper correction,” Thielen added.
The price of Bitcoin has also skyrocketed this year, driving up the price of Ethereum, Solana, XRP and the market as a whole, thanks to the long-awaited arrival of a fleet of exchange-traded funds ( ETF) for Bitcoin spot on Wall Street.