Tanya Abrosimova
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.