The cryptocurrency market update: Bitcoin bears celebrate another victory, as BTC settles below $9,500
|- Bitcoin (BTC) has settled below $8,500 amid growing bearish pressure
- Altcoins are mostly range-bound with bearish bias during early Asian hours.
Cryptocurrency market is range-bound with bearish bias during early Asian hours on Saturday. Bitcoin and major apt coins are nursing losses on a day-to-day basis. The total cryptocurrency market capitalization is decreased to $233 billion, from $236 billion this time on Thursday; an average daily trading volume reached $69 billion. Bitcoin's market share settled at 65.9%.
Top-3 coins price overview
BTC/USD is mostly unchanged both since the beginning of the day and down 1.5% on a day-to-day basis. The first digital coin has recovered from the Asian low of $8,458 but failed to regain ground above $8,500. On the intraday charts, the recovery is limited by the upper line of 1-hour Bollinger Band on approach to $8,500.
BTC/USD, 1-hour chart
Ethereum, the second-largest digital asset with the current market capitalization of $19.8 billion, recovered from Friday's low of $177.05 and settled above $181.00. ETH/USD has lost 1% on a day-to-day basis. Thee initial resistance is created by SMA50 (Simple Moving Average) 1-hour at $182.40.
ETH/USD, 1-hour chart
Ripple’s XRP is moving within a downside channel. The coin bottomed at $0.2525 on Friday and recovered to $0.2630 by the time of writing. XRP/USD is down 1% since this time on Friday. The third digital coin with the current market value of $11.4 may be vulnerable to further losses if fails to recover above $0.2640 (SMA50 1-hour) and $0.2700 any time soon.
XRP/USD, 1-hour chart
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.