Bitcoin (BTC), Ether (ETH), and Ripple (XRP) all head down south after failing to overcome the bearish moves, following the drop on July 2.
Bitcoin (BTC) failed to drive more force to recover above the $12,000 mark after sustaining a big drop south of $10,000. After briefly closing in on $12,000, the BTC/USD pair dropped to the $11,000 region. BTC currently trades at $10,926.33 with over six-percent change in the last 24 hours.
Based on an FX Street report:
“BTC/USD is in another leg lower and more losses are likely as a sustainable move below $11,000 might trigger stops on short-term speculative positions.”
It also emphasized that Bitcoin is in a bearish move, with the next support level at $10,400.
Ether (ETH) is yet to break past $300 since the drop on June 30. The second largest cryptocurrency in terms of market capitalization cleared the $300 mark but ran out of fuel, dropping about $5 toward $285.
The ETH/USD pair trades at $284.82 at press time, recording a four-percent 24-hour change.
FX Street pointed out:
“A failure to move above $300 handle emboldened the bears and pushed the price towards the intraday low of $280.18. At the time of writing, ETH/USD is changing hands at $285, moving within the short-term downside trend.”
Ripple (XRP) heads down south as it dropped by six percent, currently trading at $0.378. The XRP/USD pair takes on the same path as with BTC and ETH, allowing the bears to rule the weekend session.
According to FX Street’s analysis:
“The correction is not unique to Ripple, as Bitcoin has also dived below $11,000 after staying above the same level since the recovery from the lows under $10,000. Bitcoin cash has also corrected below $400 level while Litecoin continues to explore the levels below $120.”