Crypto market update: bears and bloodshed, as big levels breached across the board
|- Selling pressure seen across the cryptocurrency market, moves which had triggered on Tuesday, but intensifying in the session on Wednesday.
- Bitcoin subject to falling below $6000, Ethereum drops deeply below $200 and XRP crashes through $0.5000.
Downside momentum across the crypto market remains very much evident. Collectively big areas are being tested and subject to breaches, which could spell further disaster. A move which bears had initiated in the back end of Tuesday’s session initially, to have been resumed today – Wednesday.
In terms of Bitcoin, the price nursing steep losses of some 3.5%, well into the second half of the trading day. BTC/USD desperately in search of a bottom, as vital area continues to be penetrated by the market bears. $6000 highly at risk.
ETH/USD has firmly breached the $200 level, a daily close below could be punishing to say the least. Elsewhere, XRP/USD wounded, a crashing through $0.5000 to the downside, last seeing trading within the $0.4700 territory.
Big moves, that are not driven by anything particularly fundamental, more so seeming to be technical, given key levels being broken.
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