Crypto Market Update: Bitcoin hibernates with bearish bias
|- The number of addresses in Bitcoin's network stopped growing.
- Major coins have stuck in tight ranges.
Bitcoin price has stuck in a tight range with no clear signs of the breakthrough. However, the network health does not look good as such metrics as Greed and Fear index stays close to panic levels since the price collapse on March 12. Moreover, the number of addresses decreased by 450k, according to Intotheblock data. Also, more addresses have been emptied recently amid growing concerns amid COVID-19 pandemic. Many cryptocurrency users had to cash out due to difficult financial conditions.
Top-3 coins overview
BTC/USD is changing hands marginally below $6,800 amid low trading activity on Wednesday. The first digital coin has stayed mostly unchanged in the recent 24 hours. The upside momentum faded away on approach to the critical resistance $7,000; however, once it is cleared, the bulls jump in to capitalize on the resumed recovery. A failure to move above this barrier may increase short-term bearish pressure and push BTC towards critical $6,000.
ETH/USD jumped to $161.44 during early Asian hours only to retreat to $157.60 by press time. The coin is moving within a short-term bearish trend amid low volatility; We will need to see a sustainable move above daily SMA50 at $165.50 for the upside t gain traction. Otherwise, the coin is likely to stay range-bound with bearish bias.
XRP/USD is paralized in the middle of the range $ 0.1800-$0.1900 with no clear direction. From the long-term perspective, psychological $0.2000 serves as a critical resistance, while the support is seen at $0.1700 (23.6% Fibo retracement)
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