The cryptocurrency market continues reeling, starting another week in bearish territory as Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies trade in the red. Markets remained relatively stable over the weekend but tumbled early on Monday. BTC slipped below $108,000 as sellers continued pushing the price lower. The flagship cryptocurrency traded around the $109,000 mark but fell to a low of $107,328 before moving to its current level of $107,970, down almost 1% over the past 24 hours. 

Meanwhile, ETH lost the $4,500 level last week and traded around $4,475 over the weekend. The altcoin is down over 1% in the past 24 hours, as it struggles to stay above $4,400. Ripple (XRP) is down almost 4%, while Solana (SOL) is down over 3%, trading around $198. Dogecoin (DOGE) is down 4.15% and Cardano (ADA) is down over 4%, trading around $0.802. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable declines. 

Growing Number of “Buy The Dip” Calls A Sign of Broader Market Downside 

The growing number of “buy the dip” calls on social media after Bitcoin’s (BTC) dramatic decline could indicate more downside ahead for the cryptocurrency market, according to analysts from Santiment. Santiment analyst Brian Quinlivan stated, 

“Clearly, overall, in the markets, people are getting antsy and trying to find some entry spots now that prices have cooled down a bit.”

Santiment added that mentions of “buy the dip” on social media could be a warning sign for markets. Santiment added in a separate post, 

“Don’t interpret ‘buy the dip’ chatter as a definitive bott

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Author: Amara Khatri