Bitcoin dropped by 2% on Tuesday after hitting a record of $123,218 on Monday, as traders rushed to take profits.
The price of Ethereum may correct itself at $3,000 after being rejected.
The price of Ripple dropped by 3% after briefly retesting the $3 barrier, indicating selling pressure at higher levels.
After significant gains, the price of Bitcoin (BTC) dropped below $108,000 on Tuesday, as traders rushed to take profits. Ethereum (ETH) and Ripple (XRP) corrected by approximately 2% and 3%, respectively, breaching their critical levels of $3,000 and $3, tracking Bitcoin.
The net Bitcoin flow index (the difference between Bitcoin inflow and outflow to exchanges) is positive, at levels not seen since February 25, according to chain statistics.
Bitcoin will see a correction after reaching $123,218, its all-time high.
The price of Bitcoin rose to a record level of $123,218 on Monday, but it failed to break through the $120,000 level. Tuesday's trading below $108,000 marked a 2% decline.
If the price of Bitcoin continues to correct, it may drop below the next daily support level of $111,968.
The price of Bitcoin may reach an all-time high of $123,218 if it rebounds and closes above the daily level of $120,000.
The price of Ethereum declined after failing to break through the $3,000 level.
The price of Ethereum closed above the daily support level of $2,724 on Wednesday, rising by 8.6% until Monday, but it failed to break through the resistance level at $3,000. As of Tuesday, Ethereum is trading below $2,971.
The price of Ethereum may drop to the daily support level of $2,724 if it continues to decline.
However, the price of Ethereum may rise to the next daily support level of $3,730 if it closes above the daily level of $3,000. The price of Ripple (XRP) may drop after retesting the $3 level.
After breaking through the daily resistance level of $2.72 last week, Ripple tested the $3 level again on Monday. On Tuesday, it may drop below $2.88.
Ripple may retest its daily support level at $2.72 if it continues to decline.
If the price of Ripple closes above $3 daily, it may continue to rise to $3.40, its highest level since January 16.
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