Bitcoin (BTC) Price Slumps Below $66K, XRP Rallies as BTC, ETH, and SOL Trade Lower

Bitcoin (BTC) slumped below the $66,000 level Tuesday, paring all gains from last week as sentiment soured after an enormous amount of the cryptocurrency was transferred by U.S. authorities, sparking fears of imminent selling pressure among traders.

Bitcoin (BTC) fell below the $66,000 mark on Tuesday, wiping out all gains from last week as sentiment turned sour after a large amount of cryptocurrency was transferred by U.S. authorities, sparking fears of impending selling pressure among traders.

XRP rose while BTC, ETH, and SOL fell

According to CoinGecko, Bitcoin is currently trading at $65,673.53, showing a 2.4% decrease over 24 hours. Just a day earlier, BTC pushed toward $70K but failed to hold it. The weak price action came after $2 billion of Silk Road BTC left a wallet linked to the United States government.

It is not known what is happening with the Bitcoin stash and whether it is a prelude to a sale. However, the transaction went against U.S. presidential candidates’ promises over the weekend to use the funds to build a Bitcoin strategic reserve or stockpile.

The surprising correction impacted the broader crypto market, with Solana’s SOL, the industry’s fourth-largest cryptocurrency, suffering the most among the top 10 cryptocurrencies. The SOL price is currently at $175.95, showing a 5.5% decrease over the same period. Solana has largely reversed all its gains on Monday. The token soared as meme coin trading on the network heated up over the weekend, with its on-chain trading volumes surpassing Ethereum’s — the usual leader.

In other news, Ripple’s XRP bucked the trend, rising 3.8% in the past 24 hours following the latest update in the Binance case, which could be material to the Ripple v. SEC lawsuit now awaiting a final judgment.

What’s next for BTC?

Commenting on Bitcoin’s drop today, Keith Alan, co-founder of trading resource Material Indicators, hoped the bulls would mount a powerful recovery to protect a rising trendline on daily timeframes.

In a post on Twitter (NYSE:TWTR), he suggested that higher levels than those seen this week, especially $72K and above, depended on the bulls first flipping the old 2021 record high of $69K to strong support.

“That’s the HH that bulls need to take out before BTC is positioned to go after the ATH, and I do think it will come eventually, but I maintain that we aren’t going to see a sustainable move to a new ATH until we validate and R/S Flip at $69k,” he stated.

In the meantime, renowned trader Roman is keeping an eye on near-term price targets of $64,000 and $60,000. “My bet is sentiment gets ultra bearish at these levels then we full send up once again,” he added.

Despite a potential short-term decline, BTC could be set for higher prices in the long run. MicroStrategy Chairman Michael Saylor said at the Bitcoin Conference in Nashville that the price of the top crypto could reach $13 million by 2045.

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