Crypto alarm clock: Bitcoin at lowest price in months, Ethereum and XRP fall 5%

The crypto market continues its dramatic form. After five red weeks in a row, we see dark red numbers on the signs again today. Last night, Bitcoin (BTC) made a dive and other coins have hit much harder.

Bitcoin has reached its lowest level in almost three months, while Ethereum (ETH) and Ripple (XRP) have both lost around 5 percent of their value.

After barely moving for a weekend, the Bitcoin price went down in a rocky run last night around 10:30 pm. The futures trading of the American stock exchange also did not start much with a sharp decline.

The S&P 500 and the Nasdaq 100 recovered at lightning speed, and Bitcoin had also absorbed almost all of its losses deep into the night. But in the end, the course slipped again.

On the American stock exchange, chip giant Nvidia is getting a lot of attention, which is now down 4.60 percent in the forex market. That has everything to do with the news of CEO Jensen Huang having an affair with a Chinese spy.

Bitcoin hit a low of $73,500, its lowest since August 21. After that, the price rebounded to 75,500 dollars, but it is now almost back to square one.

As mentioned, Bitcoin has now closed in red for five weeks in a row. Only twice before in history did such a series last longer: at the beginning of this year, it went down for six consecutive weeks and in 2022 even nine weeks.

A concern: Bitcoin closed the week below the 50-week average for the first time in nearly two months.

That line shows the average price of the past year. Many investors see it as the dividing line between a bull and a bear market, and so many investors are now breaking a sweat.

That just doesn't necessarily have to be a disaster. In August, the line did not turn out to be a hard border either when it immediately dived back under it after a reconquest.

A better indicator might be the Bull Market Support Band. And that's where Bitcoin is right now at the point where a bouncer is desperately needed. If the price bounces back here, the bull market will stay alive.

According to analyst Matthew Hyland, these tyres "scream" that this is now a buying moment. "The tyres turned up convincingly in a period of three months and are now being tested again," he writes.

Altcoins have been dragged down a bit harder. Ethereum has a 5.24 percent loss behind its name and XRP is down 5.78 percent.

Furthermore, Solana (SOL) lost 3.15 percent, Zcash (Zec) 3.21 percent and Hyperliquid (HYPE) 4.05 percent.

There are also some exceptions: Arbitrum (ARB) is up 2.01 percent, Pepe (PEPE) is up 3.15 percent and Pieverse (PIEVERSE) is up the most with a gain of 14.69 percent.