“Those are levels where I’ll look for support; not guaranteed bottoms,” Ali Martinez explained. The cryptocurrency market seems poised to conclude the business week significantly lower following the $6.3 billion Binance hack, which has reverberated throughout the entire sector. The leading digital assets Bitcoin, Ethereum, and Ripple did not escape the pullback, with one popular analyst suggesting they could plunge even more before attractive buying opportunities emerge. The leading cryptocurrency experienced a significant decline following reports of a multi-billion dollar attack, reaching a six-week low of approximately $76,500. Bulls temporarily reclaimed some losses, pushing the price above $78,500; however, the sell-off persisted, and as of the latest update, BTC is trading near $76,700.
Ali Martinez was among the numerous analysts providing insights on the Binance hack that triggered a significant downturn in the cryptocurrency market. He noted that, as reports circulated, Bitcoin faced rejection after attempting to retest its 50-day moving average, with resistance levels declining toward $78K. He stated the next level to watch is the 200-day moving average near $73,000. Rekt Fencer highlighted a noteworthy comparison among the recent Binance attack, the Bybit hack from the previous year, and the FTX collapse in 2022. They observed that each catastrophe was succeeded by a significant resurgence in BTC prices, asserting “the bottom is in.”
ETH experienced a more pronounced decline than the leading cryptocurrency in the past 24 hours, briefly falling below $2,200 and currently trading just above that threshold. According to Martinez, the asset seems to have breached a right-angled ascending broadening pattern on the daily chart, with the pattern indicating a potential movement toward $2K, which could present a buying opportunity if ETH establishes support at that level. X user Ted also weighed in, noting that the asset reached the significant $2,200 zone. He posits that a weekly close beneath this level may pave the way for a decline below $2,000. Ripple’s cross-border token experienced a decline of 4% today, with its current trading value positioned at approximately $1.23.
Martinez believes it has operated within a parallel channel since February; however, during the recent market downturn, it violated the mid-range support of the structure at approximately $1.25. EGRAG CRYPTO also commented, asserting that the recent sell-off has provided XRP investors with an ideal opportunity to buy the dip. The analyst asserted that the asset is currently situated within an accumulation zone, a phase that has historically been followed by a 500% explosive move, establishing $8-$9 as potential targets.
