The cryptocurrency market is vulnerable to further losses
|- Bitcoin (BTC) has retreated from SMA100 daily amid short-term downside correction.
- Altcoins are directionless with some of the coins showing gains on a day-to-day basis.
The cryptocurrency market has resumed the sell-off after a short period of range-bound trading that took. At the time of writing, Bitcoin stays down 2% since this time on Tuesday, while the majority of altcoins out of top-20 have are a mixed picture ranging from -4% to +2.5%. The total cryptocurrency market capitalization is registered at $248, unchanged from the day before; an average daily trading volume settled at $98 billion from $97 this time on Tuesday; Bitcoin's market share decreased to 67.2%.
Read also: Bitcoin price analysis: BTC/USD extends the decline, $9,000 within reach
Top-3 coins price overview
BTC/USD bottomed at $9,139 during early Asian hours and recovered to $9,170 by the time of writing. A confluence of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart located above psychological $9,600, limits BTC/USD recovery. The critical support is created by SMA200 at $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $20.2 billion, has stayed unchanged a day-to-day basis and lost approximately 3.5% since the beginning of Wednesday. At the time of writing, ETH/USD is changing hands at $184.60, off the recent high of $192.23 touched during early Asian hours. Looking technically, ETH/USD recovery is capped by SMA100 daily, though the longer-term forecast remains bullish as long as it stays above $180.00.
Ripple’s XRP ha settled marginally $0.3000 after a strong recovery on Tuesday. The third digital coin with the current market value of $13.1 has gained over 2% of its value on a day-to-day basis and stayed unchanged since the beginning of the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.