February 6 News, the cryptocurrency market continues to weaken, with XRP leading mainstream digital assets lower on Friday, dropping about 10% in 24 hours and briefly falling below $1.30, hitting a new low since November 2024. Market sentiment has turned cautious, driven by veteran trader Peter Brandt’s latest prediction on social media, indicating that Bitcoin may still have room to decline to the $42,000 range.
Currently, Bitcoin has repeatedly fallen below the critical $60,000 level, with short-term pressure clearly evident. Brandt describes the current trend as a “banana peel-style correction,” meaning the price drops suddenly and rapidly, catching traders off guard. He believes that $42,000 could serve as a medium-term support zone; if this level is broken, it will put greater pressure on the entire crypto asset market.
Influenced by Bitcoin’s weakness, most mainstream tokens are also declining. Ethereum has fallen to around $1,700, while SOL, DOGE, and ADA have all experienced varying degrees of correction. XRP was the first to break below a key psychological level. On the capital side, there is also a defensive tendency, with recent net outflows from US Bitcoin ETFs and Ethereum ETFs, while XRP and SOL-related products have seen small net inflows, indicating some funds are attempting to position at relatively low levels.
From a technical perspective, XRP’s momentum indicators continue to decline. The MACD histogram is below the zero line, with bearish forces still dominant; RSI is approaching oversold territory, suggesting a short-term technical rebound is possible. However, if the price falls below the $1.20 support level, it may test the $1.10 zone below. Conversely, if the bulls regain the $1.40 level, it could alleviate the current downward pressure.
Until Bitcoin’s trend stabilizes, market volatility is likely to remain high. Investors are closely monitoring macro liquidity changes and on-chain capital flows to determine whether this correction will develop into a deeper adjustment cycle.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Treasury Companies Head to Vegas After Surviving Drawdowns
Digital asset treasury (DAT) companies are emerging as the focal point at Bitcoin Conference 2026 in Las Vegas, according to BTC Inc. head of growth partnerships Sean Hagan. After months of market drawdowns, nearly all firms that loaded their balance sheets with Bitcoin remain operational and are
CryptoFrontier23m ago
Upcoming 'Bitcoin' Movie With Casey Affleck, Gal Gadot Probes Satoshi’s Identity
A film exploring Bitcoin’s origins is moving toward global release while spotlighting the mystery of Satoshi Nakamoto. Starring Gal Gadot and Casey Affleck, it revisits Craig Wright’s contested claims and their impact on Bitcoin’s identity.
Key Takeaways:
New Bitcoin film stars Casey Affleck and
Coinpedia1h ago
MicroStrategy buys 34,164 BTC in one week, spending $2.54 billion: the third-largest purchase in history, with total holdings of 815k BTC surpassing BlackRock
MicroStrategy bought 34,164 bitcoins for $2.54 billion last week, bringing its total holdings to 815k BTC, making it the largest bitcoin-holding institution in the world. The funding source was mainly raised through STRC preferred shares and common stock offerings, reflecting a signal from institutions to buy in the face of market weakness. Although the MSTR stock price faces short-term pressure, it still shows a strong long-term capital allocation trend, providing multiple ways for investors in Taiwan to participate.
ChainNewsAbmedia2h ago
Tether Holds 8.2% Stake in Bitcoin Mining Finance Firm Antalpha Following $49.3M IPO
Tether and CEO Giancarlo Devasini own 1.95 million shares (8.2%) in Bitcoin mining finance company Antalpha, which raised $49.3 million in its IPO. Antalpha offers Bitcoin-collateralized lending and has a $1.6 billion loan portfolio.
GateNews2h ago
Crypto ETPs Record $1.4B Weekly Inflows as Bitcoin Rally Extends Rally Optimism
Cryptocurrency ETPs saw $1.4 billion in inflows last week, marking the highest since January, driven mainly by Bitcoin. Year-to-date inflows reached $3.8 billion, boosted by positive geopolitical sentiment and Bitcoin price increases.
GateNews3h ago
Empery Digital Reduces Bitcoin Holdings by 20 BTC, Total Position Falls to 2,914
Empery Digital sold 20 BTC for around $1.5 million, raising its total holdings to 2,914 BTC. The company plans to continue selling bitcoin to fund share repurchases and manage debt.
GateNews3h ago
