Bitcoin Weekly Forecast: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week. Moreover, US Bitcoin spot Exchange Traded Funds (ETFs) data supported BTC’s decline as it recorded a total net outflow of $2.48 billion until Thursday, indicating signs of weakness among institutional investors.
Bitcoin price declined more than 18% this week from Monday’s high of $96,500 to Friday’s low of $78,258, the highest weekly fall in the last three years. BTC has corrected nearly 30% from its all-time high (ATH) of $109,588 marked on January 20.
Cardano Price Forecast: ADA poised for double-digit drop amid market weakness
Cardano (ADA) price is extending its decline by nearly 7%, trading around $0.60 on Friday after falling 23% this week. Santiment data support this decline as ADA daily active addresses are falling, and the technical outlook indicates a continued correction, with ADA potentially facing an additional double-digit decline.
Cardano price faced rejection around its descending trendline (drawn by connecting multiple highs since mid-January) on February 21, and it declined 15% until Monday, closing below its weekly support level at $0.74. ADA continued its decline in the next three days by nearly 6%. At the time of writing on Friday, it continues its correction, trading around $0.59.
XRP short-term holders dominate sell-off as whales buy the dip
Ripple's XRP is down 4% on Thursday as it struggles near the support at $2.12. Whales have been accumulating the recent selling pressure from short-term holders following the recent crypto market crash.
Short-term holders have spearheaded the recent selling activity in XRP following the recent market crash. The Spent Coins Age Band, which shows the distribution of coins spent per day by the age of the tokens, provides clarity into the behavior of XRP holders. The data shows coins in the 1D to 7D and 90D to 180D cohorts dominated the selling activity.
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