Top Cryptocurrencies Experience Significant Losses, Hints at Deeper Correction

Cryptocurrency markets are experiencing a downturn as top three cryptocurrencies - Bitcoin, Ethereum, and Ripple - extend their losses on Monday.

Bitcoin's price has broken below its lower consolidation range of $65,729, indicating strong bearish momentum. The Relative Strength Index (RSI) reads 31, nearing oversold conditions, while the Moving Average Convergence Divergence (MACD) lines are converging, signifying indecision among traders.

Ethereum and XRP are also experiencing significant losses, with Ethereum falling below $1,900 and XRP sliding below $1.40. If these cryptocurrencies continue to decline, they may extend their losses towards key support levels at $60,000 for Bitcoin and $1.30 for XRP.

On the other hand, if the lower trendline boundary holds as support, it could extend the recovery of these cryptocurrencies towards the upper consolidation range at $71,746 for Bitcoin, $2,149 for Ethereum, and $1.50 for XRP.