Bitcoin slides below $3,800 as cryptocurrency volume hits 9-month high

The cryptocurrency rally that swept across the market on Monday has progressed to today. The market is generally in the green. Ripple is still leading the recovery in the market with gains in the excess of 4.35%. Ethereum revamped the trend significantly and tested $150 to the upside. The total market capitalization increased to $134 billion after $9 billion was added to the market.

Bitcoin spiked in gains from the range support between $3,550 and $3,700. The asset spiked further above $3,900 and approached $4,000. The gains exceeded 5% before the correction started. Bitcoin momentum has slowed down from the gains in the last two days which means that a break above $4,000 will not happen in the short-term.

At press time, Bitcoin is trading at $3,870 after correcting 0.06% on the day. Short-Term support has been established at $3,800. Moreover, the Relative Strength Index (RSI) is still in the oversold but is heading south to show that the sellers are coming back for revenge after the two-day rally. For a correction heading to $4,000, Bitcoin buyers must pull the price above $3,900.

The market capitalization increased by 6.4% on Monday. The market value is standing at $133 billion at press time. The same rise is reflected in the trading volume which rose to a 9-month high at $34 billion. The high volume means that we could see cryptocurrencies continue with the gains in the short-term.