Breaking: Bitcoin dips below $9,000 amid broad crypto sell-off, levels

Yohay Elam FXStreet

Cryptocurrencies have been extending their slide, with Bitcoin dropping below the $9,000 mark. BTC/USD is now trading at the lowest since late January.

Ethereum has fallen to $230. Vitalik Buterin's brainchild has been struggling with persistent selling in recent days. Ripple's XRP is down to below $0.24. After topping $0.30, the crypto sphere's third digital coin in terms of market capitalization has shed around a quarter of its value.

The coronavirus outbreak has not resulted in flows going to cryptocurrencies. Gold, the yen and US bonds seem to benefit from the selling of stocks.

The next support lines are $8,870, $8,520, and $8,200. Resistance is at $9,300, $9,600, and $10,000.

Here is the move on the daily chart. The granddaddy of cryptocurrencies is succumbing to selling pressure.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

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