Crypto Market Update: Bitcoin's range is squeezing, something's brewing
|- Bitcoin and other altcoins are moving in tight ranges with a bearish bias.
- The first digital asset cannot clear critical resistance.
- The markets have calmed down amid massive fiscal and monetary help.
The cryptocurrency market has stayed calm on Thursday as Bitcoin and all major altcoins drifted in tight ranges, mostly unchanged both on a day-to-day basis and since the beginning of. While many coins settled above critical support levels, the recovery momentum is fading away. The total market capitalization hit $184 billion, while an average daily trading volume on the cryptocurrency market retreated to $114 billion. Bitcoin's market dominance is registered at 65.9%.
Top-3 coins overview
BTC/USD hit the intraday high at $6,795 and retreated to $6,620 by press time. The coin managed to stay above a strong barrier of $6,600 despite several attempts to push lower; a move below $6,500 will bring more sellers to the market and postpone a recovery to $7,000. This resistance area is reinforced by SMA100 weekly at $7,150.
ETH/USD has settled at $134.50 after a short-lived move above $138.00. The second-largest digital asset is an oscillation in a tight range, in sync with Bitcoin. A strong bullish target is created by psychological $150.00, however, we will need to see Bitcoin's growth above $7,000, before ETH can hit this major target. ETH/USD has lost 1% since the start of Wednesday and stayed unchanged on a day-to-day basis.
XRP/USD is moving in the intraday channel limited by $0.1635 on the upside and $0.1600 on the downside. At the time of writing, the coin is changing hands at $0.1620. XRP stayed unchanged both on a day-to-day basis and since the beginning of the day. The initial support is created by $0.1500.
What's going on on the market
From the fundamental point of view, little has changed on the market. COVID-19, looming recession and enormous fiscal and monetary stimulus are me main topics of the day both on the traditional and cryptocurrency markets. However, the colossal measures announced by central banks and governments helped to calm people down, which eased the pressure on risky assets and allowed investors some breathing space.
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