Since the start of this month, the global crypto market has lost more than $180 billion, bringing its total value down to $2.64 trillion. The drop comes after Democrats won the midterm elections, raising fears of stricter crypto rules.
Bitcoin, Ethereum and XRP are also showing signs of further losses as the market continues to fall. But how much lower could their prices go if selling continues?
Bitcoin Could Fall Toward $60K
On 5 November, Bitcoin fell below $75,000 after hitting $81K, following the release of the US Initial Jobless Claims report, which unexpectedly fell to 189,000 against expectations of 197,000.
Meanwhile, well-known crypto analyst Ali Martinez said Bitcoin is trading within a wide channel on the three-day chart. Now, the key level is the channel’s middle range near $73,000.
If Bitcoin loses that support, Martinez suggests the decline could extend toward the lower boundary of the channel around $60,000. This would represent a 20% drop from current levels and would put Bitcoin back near an area where buyers previously stepped in.
Ethereum Faces a Breakdown Toward $1,963
Ethereum is showing a weaker setup than Bitcoin after breaking below the $2,385 support level on its daily chart. The chart shows ETH falling out of a right-angled ascending broadening pattern, signaling that the previous structure has weakened.
With $2,385 now acting as a key level, continued selling could push Ethereum toward the next major support near $1,963.
The move would mark another significant decline from its current level around $2,245.
XRP Could Test the $0.99 Level
XRP is also under continued pressure after falling below $1.61 and breaking below the middle of its trading channel. The three-day chart shows XRP falling from above $1.40 toward $1.18, with $1.29 now acting as an important level.
If sellers remain in control and the token fails to recover, the lower boundary of the channel near $0.99 becomes the next major support.
That level is particularly important because XRP previously found strong buying interest around $0.99.
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