Cryptocurrency Market Dips as Bitcoin Slides Towards $78K
The cryptocurrency market is experiencing a downturn, with Bitcoin (BTC) sliding towards $78K. The primary cryptocurrency's price was rejected at $80,000 on Friday morning and subsequently corrected by over two grand.
BTC had been trading sideways between $77,000 and $79,000 after the rejection at $81,500 on Friday. It attempted to break out on Monday but was halted and driven south first to $77,200 and then to $76,400 as the week progressed.
The bulls finally stepped up on Thursday, helping BTC halt its freefall and then surging by several grand to a new three-month high of almost $82,500. However, this scenario repeated and worsened after the stronger-than-expected US jobs report on Friday, driving BTC south by over $2,000.
XRP has also slipped below a key support level at $1.39, while Ethereum is below $2,500 once again. In contrast, SOL has remained above $100 even after a 1.7% daily decline.