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


  • Cryptocurrencies kick off the week’s trading in the red for the second time in a row.
  • Bitcoin refreshes the lows around $3,700 as Ethereum slides below $130.

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.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. The 61.8% Fibonacci level of this month's surge at $127.20 is limiting any upside attempt in the spot. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News

DOGE’s bullish potential appears limited amid overbought conditions

DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart. Overbought RSI remains a cause for concern for the DOGE bulls. Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

More Dogecoin News

Ripple epitomizes relative strength, portends higher prices

XRP price confidence weakens slightly as breakout from bullish base falters. XRP/BTC pair has gained over 300% in the last eight weeks. Ongoing SEC case and the documentation production battles cast a wide shadow.

More Ripple News

Litecoin price enjoys steady uptrend, but beware of LTC warning signs

Litecoin price closes with a Doji candlestick, indicating an interruption in the trend. Significant Fibonacci level restraining rally from reaching the all-time high. Litecoin price on pace to close with fourth-largest weekly gain since September 2020 low.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP