BTC, ETH and XRP crash, wiping $1.17 billion from the market

• Bitcoin price closes below the $100,000 support level, indicating further decline.
• Ethereum price closes below the weekly level of $3,522, indicating an impending correction.
• Ripple price retests the daily support level at $2.21; A firm close below would continue the ongoing decline.

The price of Bitcoin (BTC) is trading below $98,000 on Friday after falling more than 6% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps, closing below key support and falling 12% and 4.5%, respectively, this week.

This recent price drop has triggered a wave of liquidations across the crypto market. According to data from CoinGlass, this downturn has resulted in over $1.17 billion in total liquidations in the last 24 hours and more than $238 million in BTC, $220 million in ETH and $47 million in XRP led.

Liquidation chart. Source: Coinglass

Bitcoin price faces a decline as it closes below the $100,000 support level

Bitcoin price hit a new all-time high of $108,353 on Tuesday and fell 7.8% over the next two days to close below the $100,000 support level. At the time of writing on Friday, it stands at around $97,500.

If BTC continues its correction, it could extend the decline to retest the $90,000 support level.

The Relative Strength Index (RSI) on the daily chart is 49 below its neutral level of 50 and pointing downwards, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover on Wednesday, indicating a bearish trend.

BTC/USDT daily chart

However, if BTC recovers and closes above $100,000, it could extend the rally and retest its all-time high (ATH) of $108,353.

Ethereum bears are gaining momentum

Ethereum price faced rejection around the $4,000 mark on Monday and fell 14% over the next three days to close below the weekly mark of $3,522. At the time of writing on Friday, it is trading at around $3,450.

If the $3,522 level holds as resistance and ETH closes below $3,335, it would extend the pullback to retest its next daily support at $3,029.

The RSI on the daily chart is 42 below its neutral level of 50 and pointing downwards, indicating strong bearish momentum.

ETH/USDT daily chart

If ETH breaks the $3,522 level and closes above it, the rally could be extended to retest the $4,000 level.

Ripple bulls are showing signs of exhaustion

Ripple price faced rejection around the $2.66 level on Tuesday and fell 12.78% over the next two days. At the time of writing on Friday, it is bouncing off the daily support level of $2.21 and trading at around $2.33.

If XRP closes below the $2.21 support level, it could extend the decline and retest its next support level at $1.96.

The RSI on the daily chart is at 57 after rejecting the overbought level of 70 on Tuesday, indicating signs of weakening bullish momentum. Should the RSI fall below the neutral level of 50, it could signal a sharp decline in Ripple price.

XRP/USDT daily chart

If XRP rises and closes above $2.66, the rally could be extended to retest the psychologically important $3.00 level.