The cryptocurrency market has once again turned red today, with top assets like Bitcoin, Ethereum, and XRP facing steep declines. Bitcoin led the drop, slipping below $112,000, while ETH/USD and XRP/USD also experienced significant corrections.
The Bitcoin price fell by 2.13% today, extending its streak of bearish candles as BTC/USD dropped to $111,111. This decline was driven by a wave of whale sell-offs, with over 24,000 BTC worth approximately $2.7 billion being offloaded. This sparked heavy liquidations across exchanges, with $837.92 million in liquidations occurring in the past 24 hours, wiping out $672.62 million in longs.
The largest liquidation occurred on OKX’s BTC-USDT-SWAP pair, valued at $12.49 million. This selling pressure pushed Bitcoin price closer to its key support level near $110,000, raising concerns of a possible slide toward $101,000 if that zone is breached. The BTC price chart shows a break down from an ascending wedge formation, further heightening fears among investors and traders.
ETH price today also saw a decline of 3.85% to $4,597, pulling back from its recent all-time high of $4,955. Technical indicators suggest Ethereum may revisit $4,151 before stabilizing. Despite the short-term weakness, ETH has demonstrated resilience and could lead the recovery once market conditions improve.
XRP price today dipped below $3, down 2.55% at $2.9484. The XRP/USD has been trending lower since mid-August, with traders eyeing August’s low of $2.74 for a possible retest near $2.40 if selling pressure intensifies. The recent wave of liquidations and risk-off sentiment has weakened XRP’s outlook in the near term.
Overall, caution remains critical in the current market environment, with liquidations mounting and strong bearish sentiment spreading. The close ties between Bitcoin and altcoins emphasize the need for careful risk management strategies. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.