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Crypto Market Crash: Bitcoin, ETH, XRP, DOGE, SHIB Tumble – Why?

Irene Mukiri by Irene Mukiri
January 23, 2025
in Binance Feed, Market
Reading Time: 3 mins read
Crypto Market Crash Bitcoin, ETH, XRP, DOGE, SHIB Tumble - Why
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  • Bitcoin faces critical support levels at $101,000 and $100,000, if it fails price could go below $100K. 
  • Ethereum’s recovery hinges on reclaiming $3,250 amid weak market volume.
  • Dogecoin’s surge in selling pressure signals further downside risk in the short term.

The cryptocurrency market has recently experienced a significant downturn, with major coins like Bitcoin, Ethereum, XRP, Dogecoin, and Shiba Inu all facing sharp declines. This sudden drop has left many investors questioning the causes and potential implications. A combination of weakening market sentiment, decreased trading volume, and rising selling pressure seems to be behind the recent crash. 

Bitcoin Testing Key Support Levels

Bitcoin has been under pressure, currently trading at $102,027.88, reflecting a 2.77% decline in the past 24 hours. The market cap has also decreased by 2.78%, accompanied by a drop in trading volume by 11.68%, signaling a reduction in market activity. Bitcoin started the day near $104,000 but faced persistent selling, pushing the price below $103,000.

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Source: CoinMarketCap

The immediate support level lies at $101,000, followed by a crucial psychological support at $100,000. If Bitcoin fails to hold these levels, further declines could be imminent. On the upside, resistance is seen at $104,000, with $105,000 acting as a stronger barrier.

Ethereum Struggling with Selling Pressure

Ethereum has seen a 3.27% drop in the past 24 hours, trading at $3,203.27. The market cap fell by the same percentage, while trading volume dropped by 17.17%, pointing to waning market interest. Ethereum began near $3,311 but quickly faced downward pressure.

Ethereum’s support levels are $3,200, $3,150, and $3,100, with the latter being a psychological support zone. Resistance levels to watch are $3,250 and $3,300. The trend is currently bearish, but a recovery may occur if Ethereum can reclaim $3,250 with strong volume.

XRP Bearish Sentiment Continues

XRP has been struggling, down 2.71% at $3.08. Despite an increase in trading volume by 14.31%, the selling pressure has remained dominant. XRP started near $3.17, peaked at $3.25, and has since fallen. The next support levels are $3.05, $3.00, and $2.95. Resistance is at $3.15, $3.25, and $3.30.

Dogecoin Rising Selling Pressure

Dogecoin has experienced a 4.41% drop, trading at $0.3493. The market cap fell to $51.68 billion, and trading volume surged by 67.09%, indicating intense selling pressure. Support is seen at $0.3450, $0.3400, and $0.3300, with resistance at $0.3550, $0.3650, and $0.3700.

Shiba Inu Struggling with Low Market Activity

Shiba Inu has also seen a 2.69% decline, now trading at $0.00001994. The market cap decreased to $11.75 billion, and trading volume dropped by 42.99%, suggesting weak market participation. 

Tags: Market News

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