Tanya Abrosimova
Independent Analyst
- Bitcoin supporters tout the coin as digital gold again.
- All major altcoins are on the move with ETH and XRP moving fast.
The cryptocurrency market has been recovering rapidly since the previous week. The total capitalization of all digital assets in circulation exceeded $307 billion, while an average daily trading volume hit $88 billion. Bitcoin's market share settled at 61.4% after a short-lived collapse below 60% during the weekend.
Bitcoin cleared $10,000 and managed to settle above the psychological barrier amid a massive flight to safety and the decline of the US Dollar. Bitcoin is also viewed as a digital gold as its physical counterpart hit all-time-high during early Asian hours on Monday.
We remain positive on the overall precise structure for Bitcoin and do expect it to push through $10,000-$10,500 as part of its longer-term bullish technical profile. Even so, that range “remains a resistance band that Bitcoin will need to break above to signal its next move to resistance at $13,800, Rob Sluymer, technical strategist at Fundstrat Global Advisors LLC commented as cited by Bloomberg.
Top-3 coins overview
BTC/USD attempted to settle above $10,300 during early Asian hours only to retreat to $9,250 by press time. The first digital asset has been hovering around the key level for the best part of the day. The coin is vulnerable to the downside correction after a sharp growth as it stays overbought on all time frames. In the long run, BTC is set to test $17,000. https://www.fxstreet.com/cryptocurrencies/news/cryptocurrency-market-update-bitcoin-price-ultimate-test-to-17-000-202007270951
BTC/USD daily chart
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ETH/USD catapulted to $329.81 and fell back to $324.30 by press time. The coin has gained nearly 6% in the recent 24 hours and over 4% since the start of the day. The coin is moving within a short-term bullish trend amid low volatility. The next critical resistance is created by $350.00 and 363.00 (the recovery high of 2019).
ETH/USD daily chart
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After a short-lived correction, XRP/USD resumed the recovery and settled above $0.2200. The coin has gained over 3% both on a day-to-day basis and since the beginning of the day to trade at $0.2230 by press time. the next resistance is crested by the recent recovery high of $0.2252. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2300.
XRP/USD daily chart
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