BTC has endured a rocky start to the week after the flagship cryptocurrency posted massive losses as buyers struggled to gain momentum.
The BTCUSD pair is down by 4.36% from its $10,850 weekly close to trade at $10,400 during press time.
BTCUSD chart by Tradingview
The losses come amid heavy selling pressure that has sent shockwaves across the entire crypto market. The massive selloff also coincided with some turbulence in the stock market.
To make matters worse, the strength currently being expressed by the US Dollar may be further compounding BTC’s weakness.
The BTC price near-term outlook now looks bleak, according to one crypto analyst. Trader RedXBT explained that a downwards expansion of BTC’s delta indicates a move toward $10.1K in the coming sessions.
Therefore, a continued defense of the lower-$10,000 regions is imperative for bulls. A break below this level could strike a blow to the crypto macro market structure and lead to further losses.
BTC Price Downtrend Could Lose Momentum
The ongoing decline in BTC prices comes about rather unexpectedly. The flagship crypto erased the bulk of its gains from the past weekend when it looked set to topple the $11K level.
However, one analyst sees hope for an upswing as the current selloff runs out of steam. Fund manager Mohit Sorout pointed to an indicator that shows BTC’s downtrend may be losing momentum.
He shared the chart below, showing that the BTC price has reached a key range-low support at just above $10K.
Traders should observe the king coin’s price action in the coming days to determine where it will potentially trend in the near term.
ETH Price Risks Crashing Lower
ETH kicked off the week on an equally low note as it broke a multi-week support level this Monday. The ETH/USD pair slipped below its Bear Flag support as the asset plunged by almost 9% within 24 hours to currently trade at $338.
ETHUSD chart by Tradingview
The popular altcoin encountered trouble after buyers failed to break above a crucial technical resistance level of $375 in yesterday’s sessions.
The close below this level now means that ETH risks plunging further to the downside, with immediate short targets lurking near the $320-310 range.