Cryptocurrency market update: Bitcoin pendulum action targets both $8,000 and $10,000
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- Bitcoin and Litecoin lead the cryptocurrency market in declines on Monday.
- Bitcoin targets $8,000 if not $8,400 to create fresh demand for the action towards $10,000.
The crypto bears are in full swing in action after a weekend of consolidative movements. The slow weekend trading calmed the atmosphere within the crypto space after a devastating Friday price fall. The cryptos leading in declines on Monday include Bitcoin Gold (BTG) at 3.15%, Litecoin (LTC) at 3.15% and Bitcoin (BTC) at 3.10%.
In spite of the correction, the global crypto market is holding the market a bit higher at $240 billion compared to $239 billion on Sunday. The trading volume has also thinned to $74 billion from $80 billion in the same period.
Bitcoin price update
As mentioned, Bitcoin is trading more than 3% lower on the day. From an intraday high of $9,068 the price is teetering at $8,720. The downtrend market with high volatility means that the movement south has just started. Note that Bitcoin dived to levels under $8,700 on Friday before covering to $9,200. The slide under $9,000 could refresh $8,400 or even $8,000, in turn, creating fresh demand which could eventually send Bitcoin above $10,000.
Read more: Bitcoin price prediction: BTC/USD shifts focus to $8,400 – Confluence Levels
BTC/USD 240’ chart
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Ethereum and Ripple price update
The picture for Ethereum and Ripple's price performance is not different from that of Bitcoin. Ethereum is down 1.69% on the day while XRP is trading 2% lower. Particularly, Ripple is strongly bearish while its volatility is quite high. Last week XRP test $0.27 but recovered to $0.28. The prevailing bearish pressure is also focusing on $0.27 short term support.
On the other hand, Ethereum is trading $186 after touching $190.28 on the upside. After failing to sustain gains above $190, the bulls left the gate wide open for the bears. For now, the bulls have a task to defend $180 support which will help to launch the next attack on $200.
Read more: Ripple price update: Reignited bearish momentum targets $0.27
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