Cryptocurrency market update: Bloody Monday – Bitcoin, Ripple’s XRP and Ethereum bleed extensively

This is the second week in a row the crypto market is opening the trading on Monday in declines. Last week, Bitcoin was rejected from above $4,000 and tested the support at $3,700. Ethereum explored the levels below $140 following the drop while Ripple’s XRP plunged below $0.30 after testing the resistance at $0.35.

At present, Bitcoin is trending 1.89% lower on Monday while exchanging hands at $3,715. Since the declines on February 24, 2019, Bitcoin price was stable and pivotal at $3,800. The upside was capped at $3,850 while support had been established at $3,700. However, the declines during the Asian trading session today saw BTC/USD tailspin refreshing the lows around $3,700. The trend at the moment is still bearish and Bitcoin could breakdown further unless the price can reclaim the position above $3,800.

BTC/USD 1-hour chart

Ethereum has also kicked off this week’s trading in the red. The second largest asset recording 2.74% in losses after breaking the support at $130. It is changing hands at $127 with the prevailing trend being bearish.

Ripple’s XRP has not been spared. It is trending 2.47% lower on the day but it has maintained the position above $0.3 in spite of the drop.