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XRP Fell Only 3% Against Bitcoin’s Value During Last Week’s Collapse

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A lot went down over the past week in the digital asset ecosystem. Bitcoin and the collective industry shaved close to 18% in market capitalization as the total valuation dropped from $375 billion to $312 billion at press time. However, the moral was still somewhat high in the industry as a complete washout did not take place. Some of the tokens were still consolidating at a higher range, including Bitcoin, hence the situation was not extremely brutal.

According to Glassnode’s weekly update, BTC began the start of last week at a high of $11,622 to plummet all the way down to $10,343. The further decline took the asset as low as $9892 on a couple of occasions.

However, the network health remains in the positive range according to Glassnode’s analysis, and over the past week, liquidity increased by 14 points. The report added,

“Trading liquidity saw a large uptick as Bitcoin flowed onto exchanges, while transaction liquidity went up due to an increase in on-chain transactions from the beginning of the week.”

Although Liquidity witnessed an uptick, the market sentiment seemed to have taken a hard hit as the overall investment sentiment went down due to the decrease in profitability.

Altcoins faltered before BTC

The fate of all digital assets looked grim last week and against Bitcoin, most of them lost quite a bit of value. Chainlink was one of the largest losers in terms of decline losing close to 12.6%, while Litcoin lost up to 11.5% against Bitcoin.

Bitcoin’s forked compatriot, Bitcoin Cash and Bitcoin SV lost 6.2% and 4.4% respectively while Ethereum declined by 4.7%.

Surprisingly, XRP shredded only 3% of its total market cap with respect to Bitcoin. In the past, XRP has always recorded heavy downtrends during a BTC collapse but the token managed to hold its own over the past week. Additionally, the reported stated,

“As the market becomes more volatile, investors appear to be de-risking by moving from lower-cap alts back into more reliable assets such as BTC and ETH.”

Bitcoin’s recovery already on the move?

bitcoin tradingview

At the moment, Bitcoin seems to release off its struggles from the past 7-days, as the asset has breached above the 50-day moving average in the 1-hour chart. If BTC is able to hold a position above the 50-day MA for the current period, there is a chance Bitcoin will be able to reverse the current bearish dilemma quicker than anyone expected.

Bitcoin Attempts to Paddle Closer to $12,000; Struggles likely to Extend

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The DeFi mania and altcoin surge have somewhat stolen Bitcoin’s limelight. While the coin did manage to climb multiple resistances taking advantage of the bullish comeback, a push above the coveted $12,000-mark, however, seems unlikely, at least in the course of the next one week.

Bitcoin appears to be in no hurry for an upward break which presented an interesting quandary for the coin as it continued to move sideways on the charts.

Bitcoin [BTC] 1-Day Chart

bitcoin daychart

Upon a cursory glance of the above daily chart, it can be noted that Bitcoin has successfully broken multiple resistance levels. Such as – 0.382 Fib at $11,632 and 0.5 Fib at 11,792. However, if we closely observe there exist a few other crucial targets in order for Bitcoin to crack the $12,000 level. If BTC candles breach the 0.618 Fib level at $11,953 and gain the necessary momentum, it could climb all the way to 0.786 Fib at $12,181.

Following this, BTC would target the subsequent level of 1 Fib at $12,473.

bitcoin tradingview

But Bitcoin had a pretty dormant price action over the past week, despite the rising divergence between the 50 daily moving average [Pink] and the 100 daily moving average [Yellow]. A sudden bullish swing did not appear in the cards.

This was evidenced by the formation of a bearish divergence taking shape between BTC’s price [which formed higher highs] and volume [forming lower lows]. This was a sign of weakening bullishness in the market.

A similar case of falling trendline was also observed in RSI’s movement which depicted the formation of lower lows during the same period of time further indicating diminishing bullish pressure.

Conclusion:

Before making a headway above the long-anticipated $12,000 mark, BTC is likely to undergo a potential correction that could trigger a drop to its immediate support level of $11,322. In a scenario of this point failing to hold, losses could extend to the 50 DMA at $11,059. However, a loss to that extent is highly unlikely as evidenced by the RSI which depicted a consistent buying pressure among the market participants.