Bitcoin slides below $3,800 as cryptocurrency volume hits 9-month high
|- For a correction heading to $4,000, Bitcoin buyers must pull the price above $3,900.
- The high volume means that we could see cryptocurrencies continue with the gains in the short-term.
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.
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.