Bitcoin (BTC) Crashes From $107,114 High, Taking ETH, DOGE, XRP Prices Down

Sunday saw a lull in the crypto market, but Monday morning saw a sudden spike that pushed Bitcoin (BTC) up to $107,114 on Binance.

As a result of this sudden upswing, the crypto market capitalization dropped 2.7% to $3.36 trillion. In the past 24 hours, Ethereum (ETH), Dogecoin (DOGE) and XRP are all down 4.7%, 0.9% and 1.1%, respectively.

As Bitcoin price chopped up and down between $107k and $102k, CoinGlass data shows that $651 million worth of positions were liquidated over the past 24 hours.

Why Is Bitcoin (BTC) Crashing Today?

From a technical perspective, Bitcoin price swept the last week’s high of $105,663 but was met with massive spike in selling pressure from resting asks. This caused BTC to drop 4.23% from the new high of $107,114 to a local bottom of $102,579.

As noted in previous articles, BTC could drop down to $100k to $99k, a critical support zone.

Why Are ETH, XRP, DOGE Prices Down Today?

The correlation between altcoins and Bitcoin (BTC) is high, which explains why a drop in the king crypto affects other altcoins as well. Hence, the sudden collapse in BTC price has caused Ethereum’s price to drop 8.76% in the past 13 hours. Likewise, XRP price has shed 5.31% while DOGE price is down 9.11% in the same period.

Although the Bitcoin price prediction remains bullish, investors need to be cautious in trying to catch the falling knife due to BTC’s volatility dropping to a 10-month low.

What’s Next for Bitcoin (BTC) Price?

Due to the recent drop, Bitcoin price has spawned a bearish engulfing candlestick, undoing Sunday’s 3.23% gain. A sustained spike in selling pressure could see BTC drop down to $101.k, a key support level, coinciding with previous value’s range high. A breakdown of this level could see BTC trade lower, between the $100.3k and $99.8k range, formed due to the single print on the TPO chart.

Since the overall outlook of Bitcoin price remains bullish, investors should see BTC slowdown as it enters this area. Such a devleopment could be setting the stage for the next BTC ATH targets of $118k and $135k.