Cyptocurrecny Market Update: Bulls are too depressed to get Bitcoin price above $9,000

The market stalled in the range after a sharp sell-off on Sunday.
BTC/USD hovers above $8,700; ETH holds above $200.00.

The cryptocurrency market has recovered from the recent lows but failed to return to the previous range. Bitcoin and major altcoins stalled in tight ranges as the upside momentum is nowhere to be seen. The capitalization of all digital assets in circulation reached $246 billion. The average daily trading volume is $110 billion

Top-3 cryptocurrencies price updates

Bitcoin (BTC) tested $8,637 during early Asian hours; however, the recovery stopped short of the psychological $9,000 While the coin managed to regain some ground tetrode at $8,750 by press time, it is still down 3% since on a day-to-day basis and stayed unchanged since the beginning of Monday. A failure to move above $9,000 will worsen the short-term technical picture and bring more bears to the market.

Ethereum touched $198.00 early on Monday but managed to return above $200.00 to trade at $203.00 by press time. The second-largest digital asset needs to regain ground above the intraday high of $205.00 to improve the short-term technical picture and allow for the recovery towards another important resistance of $210.00. The critical support is created by $200.00.

XRP/USD recovered from the intraday low of $0.1855 and stalled at $0.1930 as the recovery momentum has faded away. The critical resistance is created by $0.2000, but it seems that the coin may venture another deep below $0.1900 first.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.