Bitcoin extends its decline on Monday after correcting 4.29% in the last week.
Ethereum price closes below its daily support of $1,861, suggesting downside action ahead.
XRP price falls below its 100-day EMA, indicating a correction on the horizon.
$BTC continues its decline, trading below $82,000 on Monday after falling 4.29% the previous week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by 9.88% and 12.40%, respectively.
$BTC shows weakness as it closes below its lower consolidation boundary
After breaking and closing above the 200-day Exponential Moving Average (EMA) on Sunday, Bitcoin’s price has been consolidating between $85,000 and $88,000 until Thursday.
However, BTC closed below its lower consolidation boundary on Friday and declined 5.53% until Sunday. At the time of writing on Monday, it continues to trade down below $82,000.
If $BTC continues to correct, it could extend the decline to retest its next support level at $78,258.
The Relative Strength Index (RSI) indicator on the daily chart reads 40 below its neutral level of 50 and points downward, indicating strong bearish momentum.However, if BTC breaks and closes above the descending trendline (drawn by connecting multiple high levels since mid-January), which roughly coincides with the top boundary of the recent range, it could extend the recovery to retest the key psychological level of $90,000 and the March 2 high of $95,000.