On Sunday, the crypto market went from lull to a sudden spike that pushed Bitcoin (BTC) up to $107,114 on Binance. This sudden upswing caused the crypto market capitalization to drop 2.7% to $3.36 trillion. As a result, Ethereum (ETH), Dogecoin (DOGE) and XRP are all down 4.7%, 0.9% and 1.1%, respectively, in the past 24 hours.
CoinGlass data shows $651 million worth of positions were liquidated over the past 24 hours as Bitcoin price chopped up and down between $107k and $102k.
Why is Bitcoin (BTC) Crashing Today?
From a technical perspective, Bitcoin price swept the last week’s high of $105,663 but was met with massive spike in selling pressure from resting asks. This caused BTC to drop 4.23% from the new high of $107,114 to a local bottom of $102,579.
As noted in previous articles, BTC could drop down to $100k to $99k, a critical support zone.
Why Are ETH, XRP, DOGE Prices Down Today?
The correlation between altcoins and Bitcoin (BTC) is high, which explains why a drop in the king crypto affects other altcoins as well. Hence, the sudden collapse in BTC price has caused Ethereum’s price to drop 8.76% in the past 13 hours. Likewise, XRP price has shed 5.31% while DOGE price is down 9.11% in the same period.
Although the Bitcoin price prediction remains bullish, investors need to be cautious in trying to catch the falling knife due to BTC’s volatility dropping to a 10-month low.
What’s Next for Bitcoin (BTC) Price?
Due to the recent drop, Bitcoin price has spawned a bearish engulfing candlestick, undoing Sunday’s 3.23% gain. A sustained spike in selling pressure could see BTC drop down to $101.k, a key support level, coinciding with previous value’s range high. A breakdown of this level could see BTC trade lower, between the $100.3k and $99.8k range, formed due to the single print on the TPO chart.
Since the overall outlook of Bitcoin price remains bullish, investors should see BTC slowdown as it enters this area. Such a devleopment could be setting the stage for the next BTC ATH targets of $118k and $135k.
Frequently Asked Questions (FAQs)
Bitcoin swept last week’s high but faced massive selling pressure, causing a 4.23% drop.
Ethereum, Dogecoin, and XRP dropped 4.7%, 0.9%, and 1.1%, respectively, due to high correlation with Bitcoin.
$100k-$99k is the critical support zone, $101k is key support level, and $100.3k-$99.8k is the single print range that’s likely to offer strong demand.
Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist
Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts.
A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise.
Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/why-are-btc-eth-xrp-doge-crashing-today/
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