Bitcoin, Ethereum, and XRP all shared the same bearish narrative with prices plunging by double digits on the weekly window.
A larger market downfall, following the FTX-Binance drama, led to market-wide panic selling that brought down Bitcoin and altcoin prices. Bitcoin price oscillated at $17,564 at press time, dropping by over 20% in the last three days.
Ethereum and XRP followed BTC’s suit as their price fell below key support zones. While Bitcoin, Ether, and XRP all presented a slight uptick in price, on the hourly time frame, price action was still massively bearish.
How deep can Bitcoin losses extend?
The FTX disaster triggered heavy market losses as Bitcoin price tested the record low price of $15,580. The $15,500 level was last seen by BTC in November 2021 after which Bitcoin price regained momentum as a bull rally began.
Data from Glassnode highlighted that near the $15,700 level, only investors from the…
