The cryptocurrency market experienced significant losses this week following a $6.3 billion security incident at Binance, with major digital assets including Bitcoin, Ethereum, and Ripple declining sharply.
Bitcoin and Ethereum Hit
Bitcoin fell to a six-week low near $76,500 after news of the attack circulated. The price recovered slightly above $78,500 before resuming its decline, trading near $76,700 at the time of reporting.
Analyst Ali Martinez noted that Bitcoin had been rejected after retesting its 50-day moving average, with resistance near $78,000. He identified the 200-day moving average near $73,000 as the next technical level to monitor, stating he would consider that zone for a potential dip purchase.
Ethereum performed worse than Bitcoin, temporarily slipping below $2,200 and remaining near that level. According to Martinez, Ethereum appeared to have broken below a right-angled ascending broadening pattern on the daily chart, with a possible move toward $2,000 presenting a potential buying opportunity if support holds there.
XRP Under Pressure
Ripple's XRP token fell 4% on the day, trading near $1.23. Martinez indicated that XRP had moved inside a parallel channel since February but breached the structure's mid-range support at approximately $1.25 during the recent market collapse. He noted he would monitor for a deeper correction toward the channel's lower boundary near $1 if that level cannot be reclaimed.
Multiple analysts commented on the technical levels and potential buying opportunities created by the market decline, though they emphasized these represented areas to reassess rather than guaranteed price floors.
