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Weekly Price Analysis: Yearly Selloffs Push Prices Lower
The past week saw a significant sell-off in both Bitcoin and Ripple’s prices, as they continued their yearly declines. The decline in price has led to a breakdown of the key demand zones, leaving short-term support areas vulnerable.
Bitcoin, the largest cryptocurrency by market capitalization, continues its downward trend after reaching a new all-time high earlier this month. Despite previous warnings of a potential drop-off, Bitcoin’s price plummeted further, breaking down from a weekly low of $175.12 to close at $194.44, a 15.07% decline.
The analysis of open interest data suggests that the market is still bearish on the asset, with no signs of reversal in sight. The first logical support zone around $160 remains the primary area of focus as the bears continue their relentless pursuit of Bitcoin’s price.
Solana continues to trade within a range, but its weekly low at $184.82 should be monitored closely for any potential break below.
Ripple, having broken previous all-time highs two weeks ago, has been ranging between $1.89 and $2.90. The cryptocurrency has experienced lower lows over the past week, closing at $2.21 after a 16.42% decline from its internal supply zone high. Open interest data shows a decline in open contracts since December 3rd.
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Source: coinjournal.net
