Bitcoin and Major Cryptocurrencies Experience Significant Decline Amid Market Sell-Off
Bitcoin Plunges To $73,000s, Ethereum, XRP Lose Over 3% As Crypto Sell-Off Accelerates

Image: Benzinga
Bitcoin has dropped 2% to below $74,000, reflecting patterns seen in previous midterm years, according to analyst Benjamin Cowen. Ethereum and XRP also fell by 4.5% and 3%, respectively, as the cryptocurrency market faces increased selling pressure.
- 01Bitcoin's price fell below the bear market resistance band, indicating a potential trend reversal.
- 02Analyst Benjamin Cowen compares current market behavior to previous midterm-year patterns in 2018 and 2022.
- 03Ethereum and XRP saw declines of 4.5% and 3% respectively in the past 24 hours.
- 04Cowen suggests that Bitcoin's lack of follow-through after breaking key resistance levels signals a return to a downward trend.
- 05The 200-week moving average is highlighted as a crucial long-term indicator for Bitcoin's future movements.
Advertisement
In-Article Ad
Bitcoin (CRYPTO: BTC) has experienced a 2% decline over the last 24 hours, dropping below its bear market resistance band, which has raised concerns among traders. Crypto analyst Benjamin Cowen noted that the current price action resembles previous midterm-year patterns, particularly those observed in 2018 and 2022. He emphasized that Bitcoin's recent rally above the 20-week simple moving average (SMA) near $74,000 lacked the necessary follow-through that typically accompanies genuine trend reversals. Instead, the market appears to be following a familiar sequence where bullish movements are short-lived, leading to a resumption of the downward trend. Cowen predicts potential weakness in the market could extend into mid-year, with significant drops possibly occurring in September or October. Additionally, Ethereum (CRYPTO: ETH) has seen a 4.5% decrease, while XRP (CRYPTO: XRP) has lost 3% in the same timeframe, indicating a broader sell-off across major cryptocurrencies. The 200-week moving average is identified as a critical level to watch for Bitcoin's long-term trajectory.
Advertisement
In-Article Ad
The decline in cryptocurrency prices can affect investor sentiment and market stability, potentially leading to further sell-offs.
Advertisement
In-Article Ad
Reader Poll
What do you think will happen to Bitcoin's price in the coming months?
Connecting to poll...
Read the original article
Visit the source for the complete story.



