Cryptocurrency market correction: Bitcoin, XRP liquidate hundreds of millions USD

The cryptocurrency market is undergoing a major correction, with over 500 million USD in long positions liquidated in the past 24 hours. Bitcoin and $XRP suffered heavy losses, while Ethereum showed greater resilience.

Causes and impacts

Bitcoin's price has dropped 2% to 115,000 USD, XRP slid below the 3 USD mark, and $ETH decreased by 3.5% to below 4,400 USD. This price drop is a combination of profit-taking, liquidation of excessively leveraged positions, and macroeconomic concerns ahead of Fed Chair Jerome Powell's speech at Jackson Hole.

Bitcoin witnessed 120 million USD in liquidations, XRP saw 20 million USD, and Ethereum reached up to 190 million USD.

Technical analysis

Bitcoin: Despite the decline, $BTC still maintains a crucial support level. Technical indicators such as RSI are at a neutral level (47), indicating the market is in a balanced state. ADX at 21 signals that the market lacks a clear trend. This could lead to a sideways trading phase before the next major move.

XRP: XRP is showing weakness as it cannot hold above the 3 USD mark. XRP's RSI is at 47, indicating slight selling pressure. ADX at 24 is close to the trend confirmation threshold, creating uncertainty.

Ethereum: Conversely, ETH shows a solid technical structure. RSI at 61 and ADX at 46 indicate that the strong upward trend remains intact. Analysts view this as a healthy correction in an upward trend. #anhbacong

Source: #Decrypt