The crypto market took another hit, with Bitcoin dropping under $87,000 and the total market value falling 2.14% to about $2.84 trillion. This drop comes after many leveraged positions were liquidated, making the market more volatile. XRP’s price is also showing signs it might drop further, based on technical indicators.
What you'll learn 👉
Bitcoin Faces Heavy Liquidations Amid Market Volatility
Bitcoin’s price fell because of these liquidations in the futures market. Analyst Miles Deutscher points out that over $320 million of Bitcoin was liquidated on perpetual futures exchanges – the most since August 2023. This forced many traders who were using leverage out of their positions, pushing prices down faster.
Looking at the BTC futures chart, we can see the market was very bullish before, hitting over $105,000 before starting to correct. The price is now around $88,915, with $85,000 looking like it might provide support. If selling continues, the next strong support might be around $75,000, where Bitcoin’s price previously traded sideways for a while. Resistance is still between $95,000 and $100,000, an area where Bitcoin recently struggled.
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XRP Price Shows Bearish Reversal Signs
Alongside Bitcoin, XRP has also displayed technical patterns suggesting a possible correction. According to crypto analyst Ali, the TD Sequential indicator—a tool used to identify trend exhaustion—has flashed a sell signal on XRP’s 2-week chart. Historically, this signal has preceded market downturns for XRP.
XRP’s price recently surged from below $1 to a local high of around $3.50 before experiencing some pullback. The TD Sequential indicator previously predicted downturns in mid-2022 and mid-2023, both of which led to price declines. Current resistance stands at $3.00–$3.50, while support zones are found around $1.75 and $1.00. If the sell signal plays out, XRP’s price may correct toward these lower levels.
Future Outlook and Key Levels to Watch
Market sentiment remains volatile as liquidations trigger sharp price movements. For Bitcoin, holding $85,000 could signal stabilization, while a break below could push the price toward $75,000. If BTC’s price finds strong buying support, it may attempt to reclaim higher resistance levels.
XRP’s sell signal suggests that further downside pressure is possible. If XRP follows its usual patterns, it might test lower support levels before deciding which way to go next. Traders are watching technical indicators closely to figure out if this is just a temporary dip or the start of a bigger drop.
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