- Bitcoin retreats after hitting a snag at $8,899.
- Ethereum embraces the short term support at the $160 level.
- Ripple settles within a narrow range between $0.23 and $0.24.
The overwhelming surge across the cryptocurrency market has greatly revived interest in the major cryptocurrencies. For instance, Bitcoin SV has more than tripled in value since the lows traded last December. The cryptoasset is trading at $345 after adjusting from highs at $450. Other assets that have improved greatly, include Bitcoin Cash, Bitcoin Gold and Dash.
However, the surge appears to be on the rocks as the cryptocurrencies start to reverse. The majority of the major cryptos are in the red on Wednesday led by Bitcoin, which is down 6%, Litecoin follows at 3% and EOS at 4.21%.
On the other hand, the cryptoassets that are still in the green include, Dash with its 31% rise on a daily basis, Bitcoin Gold is trading 27.7% higher and Ethereum Classic is up 4.3%.
Bitcoin price update
Bitcoin is down 2% on the day following a surge towards $9,000. An intraday high formed at $8,899 saw the bears start to swing into action. At the time of writing, BTC is valued at $8,627 amid a growing bearish momentum. If the support at $8,600 fails to hold, the zone at $8,400 could rescue the bulls. More support can also be expected to emanate from the former resistance at $8,200.
BTC/USD 4-hour chart
-637146671280947614.png)
Ethereum price update
Ethereum, on the other hand, retreated from the new January 2020 high at $171.67. Support appears to be establishing at $160. Meanwhile, ETH/USD is valued at $162 (market value). Additional support is expected at $155, the 50 SMA on the 1-hour chart, and the 100 SMA.
ETH/USD 1-hour chart
-637146671992363239.png)
Ripple price update
Ripple blasted its way through the resistance at $0.22 as well as $0.24. An adjustment in the price has occurred with Ripple slide back to $0.2342. Immediate support could be found at $0.23. Besides, the leveling RSI suggests that Ripple could settle the dust above $0.24 while the upside capped at $0.24 in the near term.
XRP/USD 4-hour chart
 (82)-637146670297340352.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: DeFi tokens gain $3.5B as BTC, ETH and XRP lead $640M market capitulation
Cryptocurrencies market capitalization decreased to $2.7 trillion on Monday, shedding another 3% in the last 24 hours. DeFi protocols market capitalization grew by $3.5 billion, with Hyper Liquid, Mantle and Ethena posting significant gains.
Bitcoin trades below $82,000 as Bybit hackers cash out some of its crypto heist
Bitcoin (BTC) hovers around $82,000 on Monday after falling nearly 15% last week. This price correction triggered a series of liquidations across the crypto market, totaling $687.73 million in the past 24 hours.
Dogecoin plunges to four-month low as $78 million in liquidations shake market
Dogecoin (DOGE) hovers around $0.173 on Monday after crashing nearly 30% last week. The recent correction in DOGE has triggered a wave of over $22 million in liquidations in the last 24 hours and more than $78 million last week.
Crypto market lost $440 million in market cap despite regulation and BTC reserve clarity
The overall crypto market capitalization lost over $440 million last week; on Monday, it reads $2.66 trillion. The reaction to Trump’s announcement of the Strategic Bitcoin Reserve wasn’t what many expected as the market continued to correct.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.