Bitcoin, Ethereum, XRP Slide: Correction or Crash? What Crypto Holders Need to Know

  • The cryptocurrency market underwent a significant correction on March 15th seeing coins like Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP (XRP) seeing price drops.
  • Despite the correction, some positive signals in Bitcoin futures suggest a potential rebound for the market.

The cryptocurrency market witnessed a significant correction on March 15th, with leading assets like Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP (XRP) experiencing notable price drops.

Bitcoin Tumbles with Bearish Signals:

  • Price Slump: Bitcoin’s price dropped by nearly 10% within 24 hours, reaching a low of $67,000 before a slight rebound.
  • Surge in Long Liquidations: The sharp price decline triggered over $90 million in long position liquidations within the Bitcoin futures market, indicating forced selling due to insufficient funds.
  • Trading Volume Spike: Despite the price drop, Bitcoin’s trading volume witnessed a 55% increase, suggesting a rise in selling pressure amidst high market activity.
  • Mixed Signals: While open interest in Bitcoin futures contracts rose by 2%, indicating continued investor belief in a future price surge, positive funding rates further suggest this sentiment.

Also Read: Bitcoin Plunges 7%: Mass Liquidations and Drying Up of ETF Inflows Signal Bearish Shift

Ethereum Feels the Heat:

  • Price Decline: Ethereum followed the broader market trend, dropping by 7% in the past day.
  • Technical Indicators Point South:
    • MACD Crossover: A bearish signal emerged with the MACD indicator’s signal line crossing above the MACD line, suggesting a potential shift towards a downtrend.
    • RSI Downtrend: The Relative Strength Index (RSI) dipped below the center line, indicating a decline in ETH accumulation.
    • Falling OBV: A decrease in on-balance volume (OBV) confirms the rising selling pressure.
  • Increased Exchange Activity: A 1% rise in exchange reserves signifies a potential increase in profit-taking activity.

XRP Faces Volatile Future:

  • Price Drop: XRP’s value decreased by 6% within 24 hours.
  • Volatility Markers Hint at Further Decline:
    • Widening Bollinger Bands: The gap between the upper and lower bands suggests heightened market volatility.
    • Negative Weighted Sentiment: A negative sentiment score indicates a strong possibility of a downward price movement.
    • Rising Average True Range (ATR): An increase in ATR confirms the surge in market volatility.

Overall, the crypto market experienced a correction, with major currencies like Bitcoin, Ethereum, and XRP facing downward pressures. While technical indicators suggest a potential continuation of the downtrend, some positive signals in Bitcoin futures hint at a possible comeback.

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