Cryptocurrency Market Update: Bears start to flip the bulls, Bitcoin hovers above $9,000
|- Bitcoin price hits the pause button at $9,149 after reclaiming the ground above $9,000.
- Ethereum and Ripple struggle to defend the short term support areas at $170 and $0.23, respectively.
Cryptocurrencies across the board are extending the bullish sentiments from last weekend into the new week. The move is, however, meant to reverse the negative action experienced last week. The majority of the assets are posting gains between 0.22% to 2% on the day. However, there are selected cryptoassets still grappling with increased selling activity such as IOTA, Dash, Bitcoin Gold and Ethereum Classic.
Read more: Ethereum Market Update: ETH/USD nurtures the breakout above $170
Bitcoin Price Update
Bitcoin has managed to stay in the green despite the correction from the recent high at $9,149. The market value is teetering at $9,035 following a 1.59% rise on the day. Bitcoin’s prevailing trend is strongly bearish while the volatility levels suggests more action would be inclined to the downside.
Meanwhile, 4-hour chart shows the pennant breakout impact still in play. Meanwhile, the main focus among the bulls is to sustain gains above $9,000. On the upside, the biggest hurdle is to pull Bitcoin above the stubborn resistance at $9,200.
In the event, a reversal occurs under $9,000 short term support is expected at $8,750 as well as the confluence formed by the 50 SMA and the 100 SMA at $8,564. More tentative support areas include $8,500, $8,250 and $8,000.
BTC/USD 4-hour chart
Ethereum and Ripple price update
Ethereum is changing hands above $170 amid a generally bearish trend. Interestingly, the price is hovering above $172 and holding on to a 1.25% growth on the day. Due to the expanding volatility, it is expected that the coming sessions will be characterized by increased selling activity.
On the other hand, the third-largest cryptocurrency is trading 1.64% higher on Tuesday. It is hovering above the short term support at $0.23. Like Ethereum, the path of resistance is to the downside in the coming sessions.
Read more: Ripple Price Analysis: XRP/USD $0.25 beckons as an inverted head-and-shoulders pattern is spotted
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