The cryptocurrency market update: Bitcoin range-bound with bearish bias
|- Bitcoin (BTC) stays above $9,000, retreats from the recent high.
- Altcoins are mostly bearish during early Asian hours.
The cryptocurrency market is mostly bearish on Monday as Bitcoin and all major altcoins are nursing losses during early Asian hours. The total cryptocurrency market capitalization settled at $246 billion; an average daily trading volume is registered at $70 billion; Bitcoin's market share has stabilized at 67.4%.
Read also: Cryptocurrency market update: Major cryptocurrencies post modest losses on Sunday
Bitcoin price analysis: Stays in the range above the 200-day SMA
Top-3 coins price overview
BTC/USD hit at $9,393 on November 2, but the bullish momentum faded away on approach to a strong resistance level located at $9,400. At the time of writing, the first digital coin is changing hands at $9,134, down 1.3% on a day-to-day basis. The coin is dangerously close to SMA200 (Simple Moving Average) daily located on approach to $9,100. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $8,700 (a confluence of SMA50 and the middle line of the Bollinger Band on a daily chart).
Ethereum, the second-largest digital asset with the current market capitalization of $19.7 billion, has lost 1.5% on a day-to-day basis. At the time of writing, ETH/USD is changing hands at $180.65, off the recent high of $182.04 touched during early Asian hours. Looking technically, ETH/USD needs to stay above $180.00 to retain bullish bias in the long run.
Ripple’s XRP is glued to the critical support at $0.2900. The third digital coin with the current market value of $12.9 has lost about 1% in recent 24 hours and stayed unchanged since the beginning of Monday. At the time of writing, XRP/USD is trading at $0.2905, off the intraday low of $0.2890.
Read also: SBI Holdings to use Ripple’s XRP and broaden its network coverage
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.