Cryptocurrency market update: $2 billion dumped – Bitcoin, Ripple and Ethereum bleed massively
|- Recovery is limited across the board with the market cap standing at $113 billion.
- Bitcoin bulls prevent further declines below $3,360 but lack support to reverse the trend.
- Ripple and Ethereum stay above key support zones in spite of the declines.
Digital assets are bleed mid-week through the week’s trading. The drop has come after several days of stability where Bitcoin stayed above $3,400 while most of the assets maintained above key support zones. However, the declines that ensued at the opening of the session today have wiped off at least $2 billion in a matter of minutes. Recovery is limited across the board with the market cap standing at $113 billion.
Bitcoin price overview
Bitcoin has corrected lower 1.79% on the day. As discussed in this price analysis, Bitcoin failed to find support at $3,420 and $3,400. The declines, however, found support at $3,360. The bulls have tried to push for a correction but the upside is still limited at $3,380. BTC/USD is trading at $3,367.74 and battling the immediate resistance at $3,370. The technical levels on the chart are positive but the bulls lack the support to sustain growth.
Ripple price analysis
Ripple is still bearish in the wake of the declines that occurred earlier today. The crypto slipped below $0.30 and but while heading to the previous low around $0.28, it formed an intraday low at $0.28885. XRP/USD is exchanging hands at $0.28933 with the upside immediately capped at $0.2900. More resistance lies ahead at the 50-day Simple Moving Average (SMA) at $0.2920 (15’ range) as well as the supply zone between $0.3000 and $0.3020.
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Ethereum technical picture
Ethereum too suffered under the acute bear pressure today. The good thing is that the bulls stood their ground preventing a further drop below the support at $100.00. The crypto is valued at $102.299 at the time of press with the recovery capped at $103.00. Further hurdles lie at the 15-minutes 50-day SMA at $103.31 and the 100-day SMA 105.00. Moreover, if the bulls manage to the price above $105, the supply zone at $107 will limit gains towards $110 critical level.
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