Bitcoin Slumps Below $63,000 as Ethereum and XRP Struggle to Hold Support
Crypto markets continue to struggle as Bitcoin and Ethereum hover below key support levels. The price of Bitcoin, currently around $62,810, has seen significant outflows from spot ETFs, with a total of $131.1 million leaving the market on Thursday.
Ethereum, trading at $1,872, is also under pressure as sentiment remains firmly in the fear zone. Meanwhile, XRP has dropped below $1, trading at just $0.9984, while Dogecoin and Shiba Inu continue to struggle.
Despite this downturn, some analysts remain bullish on Bitcoin's prospects. Michael van de Poppe noted that accumulating Bitcoin is key, rather than trying to time the exact bottom. He also pointed out that buying at $55,000 versus $60,000 may matter little in the long run, similar to how buying at $16,000 versus $20,000 four years ago does today.
However, other analysts are more cautious, warning of growing downside risk for Bitcoin. Rekt Capital noted that weakening rebounds from the $63,000 level and historical seasonal trends suggest a potential drop in price. A weekly close below this level would confirm existing technical and seasonal weakness.