The digital market experienced a sharp correction on Tuesday after a series of strong gains, with Bitcoin reaching a historic peak of $123,218 on Monday, but it quickly fell by 2% as traders sought to take profits.
๐ธ Bitcoin (BTC): From peak to decline.
Bitcoin's price fell below $108,000, after a clear failure to maintain a break above the critical resistance level of $120,000. Data indicates that net Bitcoin flows to exchanges have risen again, signaling selling intent among investors.
Current support level: $111,968
In the event of a rebound: breaking $120K with a daily close could bring the price back to test the historic high of $123,218.
If the decline continues: testing deeper support below $108K is likely.
๐ธ Ethereum (ETH): The $3,000 barrier delays the rise.
The price of Ethereum increased by 8.6% since the beginning of the week, but it failed to surpass the resistance level of $3,000, forcing it to retreat to $2,971 by Tuesday.
Nearby support level: $2,724
If this support breaks: the correction may deepen.
If the daily close is above $3,000: it is possible to target the $3,730 area again.
๐ธ Ripple (XRP): Pressure at the $3 barrier pushes the price back.
After successfully breaking the $2.72 level last week, Ripple tested $3.00 on Monday but failed to hold, retreating to $2.88 by Tuesday.
Critical support: $2.72 โ if broken, it may lead to a broader correction.
If the daily close is above $3.00: we may see an upward move towards $3.40, which is the highest level recorded since January 16.
๐ Summary:
The current decline in major cryptocurrency prices is a natural correction after a series of sharp increases.
Market indicators remain strong in the medium term, but traders should closely monitor support and resistance levels, especially as the market approaches critical psychological zones.
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