Bitcoin Nears $80K, XRP Drops Below Support: Weekend Watch

Bitcoin’s recent price slide, which began with a rejection at the $85,000 mark on Wednesday, has continued, with the cryptocurrency falling to $80,400 earlier this morning. This downturn may be linked to recent comments from Donald Trump regarding the conflict in Iran.

Most other cryptocurrencies have mirrored Bitcoin’s performance. Ethereum has fallen further below $2,400, and XRP appears to have lost its critical $1.30 support level. NEAR, BTW, PUMP, WLD, and DOT have experienced even steeper declines.

Following a period of intense volatility last week, triggered by the release of CPI and PPI data, Bitcoin retreated below $80,000. The cryptocurrency attempted a recovery over the weekend, briefly surpassing $82,000. However, a flash crash on Saturday evening sent its price down by approximately $1,000. Bulls then tried to push past the $83,000 resistance on Monday, but were initially unsuccessful, leading to a dip to $81,000. A sudden surge on Tuesday pushed Bitcoin slightly above this level, before a renewed effort by buyers on Wednesday propelled it to a two-week high of nearly $85,000.

This rally proved to be short-lived, with the rejection proving swift and significant. Bitcoin initially dropped below $83,000, but bears asserted control over the market on Friday and into Saturday morning, driving the price down to $80,400 for the first time in roughly ten days.

As of now, Bitcoin remains above the $80,000 threshold, though it is down approximately 1% for the day. Its market capitalization has receded to $1.620 trillion, while its dominance over altcoins remains strong at 60% according to CoinMarketCap.

Ethereum has seen a similar percentage decline to Bitcoin, trading well below $2,400. Ripple’s native token has dropped by over 2%, now trading below $1.30. XRP had approached $1.40 on Wednesday before the broader market pullback. Solana is nearing a break below $100, while Zcash has fallen below $1,200.

Further losses are evident across a range of cryptocurrencies, including Monero, Stellar Lumens, Chainlink, RAIN, Litecoin, and NEAR. WLD is the only asset among those mentioned experiencing a double-digit percentage loss, while M has bucked the trend with a 10% surge.

The total cryptocurrency market capitalization has decreased by over 1% in the past 24 hours, now standing at $2.7 trillion on CoinMarketCap.