Cryptocurrency market: Bitcoin’s recovery stalls short of $8,000, Ethereum and Ripple in the green
|- Bitcoin was the market leader last week when it hiked to levels close to $8,400.
- Bitcoin dominance in the market is still high but it has decreased slightly in comparison to last week.
The cryptocurrency market has stabilized following acute volatility last week. Consolidation is seen across the board from the major cryptocurrencies to most of the altcoins. There has been a slight decrease in the entire market capitalization from $250 billion posted yesterday to the current $249 billion. The same decline is seen in the total daily trading volume from $81 billion to $79 billion at press time.
Bitcoin was the market leader last week when it hiked to levels close to $8,400. However, increasing volatility saw it plunge below $7,000 only to find support at $6,500. An immediate reversal catapulted it above $8,000 but the correction has had Bitcoin consolidation above $7,900 for a couple of days. Bitcoin dominance in the market is still high but it has decreased slightly in comparison to last week.
Meanwhile, the intraday charts show the market having mixed green and red signals, especially for the top twenty coins. Ethereum, for example, is slightly in the green with gains of 0.94% and is followed closely by Ripple at $0.91%. Bitcoin Cash, on the other hand, is trading at $412 after losses of 1.26% on the day. Bitcoin Gold, on the other hand, is the best perfuming crypto with gains of 4.48% on the day.
Looking at the chart for BTC/USD trading pair, we see the price stuck in a range between $7,800 support and $8,200 resistance. The asset is above the 100 SMA 1-hour as well as EMA200 1-hour. This means that the trend is inclined towards the bulls while sideways trading is shown by the RSI and the MACD both which are horizontal at 48.27 and 0.0 respectively.
BTC/USD 1-hour chart
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