- Bitcoin price failed to stay above the $85,000 resistance, slipping to a make-or-break support at $78,258.
- Meanwhile, XRP tumbled below $1.90, nearing its yearly low of $1.77, with technical indicators pointing to sustained selling pressure.
The crypto market began the week in jeopardy as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) maintained their slide, sending the markets into the red as investors fretted. As bearish cues ruled technical graphs, key digital assets dropped to critical support marks unseen in months.
Bitcoin Price Stagnates At $78K As Sellers Hold the Upper Hand
The Bitcoin price oscillated near $78,600 on Monday, a continued drop after losing almost 5% in the previous week. The decline followed after BTC was unable to hold above $85,000, a significant resistance level. At the weekend, the top cryptocurrency found temporary support at $78,258, which now serves as a make-or-break level of support, as mentioned in our previous report.
A break below this line might set the stage for more selling, possibly pushing BTC to its year-low at $76,606 on March 11. If this support breaks, then the next pivotal support is $73,072. While technical indicators emphasize bearish sentiment. According to TradingView, Bitcoin’s daily Relative Strength Index (RSI) reads 33.6, implying downward pressure under the neutral 50 level as the asset reaches the oversold territory.
Simultaneously, the MACD indicator bearishly crossed last Sunday, underpinning a case for a weakening price. Nevertheless, if the BTC price holds firm above $78,258, a potential bounce back towards $85,000 may be in the cards.
Ethereum Price Slumps Below $1,500 Amid Steep Weekly Decline
ETH price has duplicated the demise of Bitcoin with a more pronounced 13% loss for the week. ETH fell short of breaking above the daily resistance level of $1,861 and then fell to test the $1,700 mark on Sunday—a level it had not seen since October 2023. By Monday, ETH fell to around $1,575.
With sellers having momentum, ETH threatens another leg lower toward the next significant support at $1,449. The RSI of Ethereum dropped to 27, falling below the oversold level of 30, traditionally a possible lead indicator of future price reversals. Yet, the persisting bearishness in momentum indicators implies more falls are in the cards. The MACD also sent a bearish crossover on Sunday, reinforcing the bearish narrative. However, a reversal above $1,575 would allow the Ethereum price to retest $1,700, but the upside remains limited unless sentiment improves.
XRP Price Falls Below $1.90, Heads for Yearly Low
Ripple’s XRP participated in the wider crypto downturn with a 10% weekly decline. XRP price closed Sunday below its pivotal daily support of $1.96 and falling below its 200-day EMA of $1.94. Through Monday, XRP traded at around $1.86, nearing its year low of $1.77 set on February 3.
Moreover, technical indicators present a dismal outlook for XRP as well. The RSI reads 33, below the neutrality level of 50, indicative of ongoing bearish dominance. Ongoing selling pressure might return XRP to test the $1.77 level. A turnaround would have to break $1.96 before any realistic recovery can be taken into account.