Bitcoin (BTC) Tanks Toward $80K, Ripple (XRP) Loses Key Support: Weekend Watch

Bitcoin’s adverse price movements that began with the rejection at $85,000 on Wednesday continue, with the asset sliding to $80,400 earlier this morning, perhaps due to the latest Trump comments on the war against Iran.

Most altcoins have followed suit, with $ETH dropping further below $2,400, and XRP seemingly losing the crucial $1.30 support. $NEAR, BTW, PUMP, $WLD, and DOT have slumped even more.

Will $80K Hold?

After the intense volatility experienced in the previous business week following the release of the CPI and PPI data, and $BTC’s subsequent retreat to under $80,000, the cryptocurrency tried to rebound almost immediately and stood above $82,000 over the weekend. Then came a flash crash that brought it south by a grand on Saturday evening, before the bulls tried to take down the $83,000 resistance on Monday.

They failed at first, and bitcoin slipped to $81,000. A sudden uptick on Tuesday drove it to just over that line before the bulls took it a step further on Wednesday, driving $BTC to a two-week peak of almost $85,000.

However, this was a short-lived rally, and the rejection was quite rapid and painful. At first, $BTC tanked to under $83,000, but the bears took complete control of the market on Friday and Saturday morning, at least for now, driving bitcoin to $80,400 for the first time in about ten days.

Although $BTC remains above $80,000 as of now, it’s still 1% down for the day again. Its market cap has pulled back to $1.620 trillion, but its dominance over the alts stands tall at 60% on CMC.

Alts in the Red Again

$ETH is down by a similar percentage to $BTC and sits well below $2,400. Ripple’s native token has dived by over 2%, and it’s now below $1.30. Recall that the asset neared $1.40 on Wednesday before the market-wide pullback. SOL is close to breaking below $100, while ZEC has tanked below $1,200.

Further losses are evident from XMR, XLM, LINK, RAIN, LTC, and $NEAR. $WLD is the only double-digit loser, while M has defied the broader market’s move with a 10% surge.

The total crypto market cap is down by over 1% daily to $2.7 trillion on CMC.