Bitcoin Price Crash Sends Ethereum, Solana and XRP Sharply Lower

The bitcoin price has crashed toward $60,000 per bitcoin, hitting the price of ethereum, solana, XRP ... [+] and the wider crypto market.

The bitcoin price has crashed toward $60,000 per bitcoin, hitting the price of ethereum, solana, XRP and the wider crypto market.

Bitcoin fell to $62,000, its lowest since early May and down more than 10% from its recent high, while other top ten coins fared worse.

Now, traders are turning to a “critical level” that if breached could send the bitcoin price far lower—even as the market braces for a massive political earthquake this week.

Bitcoin and crypto prices have crashed over the last week, with bitcoin heading toward $60,000 per bitcoin. Now, traders are watching for a “critical level” that if breached could send bitcoin prices much lower.

Bitcoin prices have crashed toward $60,000 per bitcoin, hitting the price of ethereum, solana, XRP and the wider crypto market.

The bitcoin price has fallen to $62,000, its lowest since early May and down more than 10% from its recent high.

Meanwhile, the price of other top ten coins including ethereum, XRP and solana have dropped even more sharply—wiping $200 billion from the combined market over the last week.

The bitcoin price crash has hit the price of XRP, solana and other major cryptocurrencies.

Now, traders are turning to a “critical level” that if breached could send the bitcoin price even lower—even as the market braces for a massive political earthquake this week.

“The critical level to watch is $61,500,” Markus Thielen, bitcoin and crypto price analyst with 10X Research, wrote in a note to clients that asked if it’s “time to panic?”

“If bitcoin trades below this level, prices might drop into the low $50,000s—if not lower. Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000.”

The bitcoin price has crashed toward $60,000 per bitcoin, hitting the price of XRP, solana and other major cryptocurrencies. Now, traders are watching for a “critical level” that if breached could send bitcoin prices much lower.

The bitcoin and crypto market has surged this year as traders bet on a Federal Reserve dovish flip as inflation measured by consumer price index (CPI) data falls back alongside a political sea change in Washington that could mean a far friendlier attitude toward crypto from U.S. regulators.

“Yes, the U.S. election and CPI should be bullish later this year, but we can still have a steeper correction,” Thielen added.

The bitcoin price has also rocketed this year—boosting the price of ethereum, solana, XRP and the wider market—thanks to the long-awaited arrival of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-price-crash-sends-ethereum-solana-xrp-sharply-lower.html

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