BTC pulls back to the low $70,000 range ETH falls to the low $2,100 range XRP breaks $1.4
Design by Blockstreet Reporter Jeong Ha-yeon
Investment sentiment across risk assets has sharply contracted as concerns over the paralysis of the global crude oil supply chain became a reality, with traffic in the Strait of Hormuz collapsing by 99% within a week of the war. Consequently, Tether Dominance (USDT.D), an indicator of safe-haven sentiment, rebounded from 7.5% yesterday to 7.7% today, exerting downward pressure on the cryptocurrency market.
Bithumb Bitcoin (BTC) Daily Chart
Bitcoin (BTC) showed a short-term correction trend, falling about 3% from the previous day's high. As of 4 p.m. on the 26th, Bitcoin is trading at $70,097 (KRW 105,418,878), and whether the $70,000 support level holds is acting as a key variable for maintaining the short-term trend.
Bithumb Ethereum (ETH) Daily Chart
Ethereum (ETH) also showed weakness, falling to the low $2,100 range. As of the same time, Ethereum is trading at $2,122 (approximately 3.19 million KRW), and whether the $2,100 support level is defended is considered a critical point.
Bithumb Ripple (XRP) Daily Chart
XRP has shown relatively greater weakness and has broken below the key support level of $1.4. It is currently trading at $1.38 (KRW 2,076), and whether it recovers from this level is expected to be a turning point that determines whether it will fall further or rebound.
The market views the combination of crude oil supply chain risks and geopolitical uncertainty as having intensified the trend of risk avoidance in the short term. It is projected that whether Tether dominance rises further, along with the alleviation of geopolitical risks, will act as key variables determining the future direction of the cryptocurrency market.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
);)
);)
);)
);)
