Tanya Abrosimova
Independent Analyst
- Bitcoin hovers around $8,150 amid market indecision.
- Altcoins are still mostly bearish with minor losses.
The cryptocurrency market continues oscillating without a clear direction after a strong recovery at the beginning of the week. Bitcoin and all most of the major altcoins are nursing minor losses within the recent ranges. The market capitalization of all digital assets in circulation decreased to $221 billion from $223 billion on Tuesday, while an average daily trading volume dropped to $53 billion from over $60 billion the day before. Bitcoin’s market dominance slipped to 66.4%
Top-3 coins price overview
BTC/USD has been hovering around the short-term pivot $8,150, mostly unchanged both on a day-on-day basis and since the beginning of Wednesday. As the recovery stalled at $8,300, BTC is now vulnerable to further losses. Meanwhile, the coin needs to stay above $8,000 to enhance the chance for another try at $8,300 and, possibly, $8,550.
Ethereum, the second-largest digital asset with the current market capitalization of $19.6 billion, is glued to $181.00. Notably, ETH/USD touched the intraday low at $179.22, but managed to recover swiftly above critical $180.00. A strong resistance area created by SMA50 daily at $183.60 seems to be a hard nut to crack for ETH bulls.
Ripple’s XRP stopped its bullish run and retreated from Tuesday’s high of $0.2858 to trade at $0.2753 at the time of writing. XRP/USD has lost about 1% both on a day-on-day basis and since the beginning of the day, however, it is still 10% higher from this time seven days ago. A resistance created by the long-term sloping trend line around Tuesday’s high might limit the further recovery for the time being.
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