Bitcoin (BTC) price has plummeted below $98,000 on Friday, marking a decline of over 6% this week. Ethereum (ETH) and Ripple (XRP) have also followed suit, closing below their key support levels and declining by 12% and 4.5%, respectively.
The recent price drop has triggered a wave of liquidations across the crypto market, resulting in over $1.17 billion in total liquidations in the last 24 hours. Specifically, there were $238 million in BTC, $220 million in ETH, and $47 million in XRP liquidations, according to data from CoinGlass.
Bitcoin’s price reached a new all-time high of $108,353 on Tuesday but declined 7.8% in the next two days, closing below the $100K support level. The Relative Strength Index (RSI) on the daily chart reads 49 below its neutral level of 50 and points downwards, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover on Wednesday, suggesting a downward trend.
Ethereum faced rejection around the $4,000 level on Monday and declined 14% over the next three days, closing below the $3,522 weekly level. Ripple price retested the $2.21 daily support level and traded around $2.33 after declining 12.78% in the last two days.
