Cryptocurrency Market Update: Bitcoin hovers above $9,000, ETH and XRP range-bound with bearish bias
|- Bitcoin price movements are influenced by general market sentiments.
- BTC and major altcoins stay in in the ranges with bearish bias.
BTC/USD has been sitting in a tight range for about a month, some factors imply that a huge bullish trend may be around the corner. The number of Bitcoin long-term holders is in the rise, and it is a bullish signal, according to the on-chain cryptocurrency analytical service Glassnode.
"The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 – preceding $BTC's bull run to $20k."
At the current price, over 70% of Bitcoin holders are making money, while only 23.8% addresses are in the red zone. A big cluster of 2 million addresses has a breakeven price in the range from $9,200 to $9,500 which explains while BTC bulls have a hard time pushing the price above this area.
Top-3 coins overview
BTC/USD touched the area close to $8,800 during the weekend; however, all moves below $9,000 critical level are still heavily bought. At the time of writing, BTC/USD is changing hands at $9,080, mostly unchanged since the start of the day and on a day-to-day basis. The coin may be vulnerable to sharp market movements amid a new wave of anti-risk sentiments. The local resistance is created by daily SMA50 on approach to $9,400.
BTC/USD daily chart
ETH/USD settled at $222.40 having recovered from the intraday low of $221.08. The coin is moving within the narrow channel with the bearish bias. The coin has lost over 1% since the start of Monday, however, the further sell-off may be limited by the daily SMA50 and the lower line of the Bollinger Band at $222.00.
ETH/USD daily chart
XRP/USD is changing hands at $0.1750. The cryptocurrency recovered from the weekend low of $0.1690, but the further upside is limited due to high level of uncertainty on the market. The coin has stayed mostly unchanged both since the start of the day and on a day-to-day basis, however the short-term bias is bearish. The critical resistance is created by a combination of daily SMA100 and the middle line of the daily Bollinger Band at $0.1930. The support comes at $0.1700.
XRP/USD daily chart
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