Cryptocurrecny Market Update: Bears threaten to push Bitcoin below $9,000

The cryptocurrency market is under resumed selling pressure on Sunday. Bitcoin and major altcoins failed to regain ground above local resistance levels and retreated back inside the ranges. The capitalization of all digital assets in circulation reached $255 billion. The average daily trading volume is $92 billion

Top-3 cryptocurrencies price updates

Bitcoin (BTC) stopped within a whisker of psychological $9,000 on Sunday. While the coin managed to recover to $9,060 by press time, the upside momentum remains weak. BTC/USD has lost 1.2% since the beginning of the day and stayed mostly unchanged on a day-to-day basis. In recent days, the coin has been oscillating in a range limited by $9,000 on the downside and $9,300 on the upside. A sustainable move in either direction will define the short-term trend.

Ethereum attempted to recover above $210.00 on Sunday but quickly retreated to $205.50 by the time of writing. The second-largest digital asset needs to regain ground above $210.00 to improve the short-term technical picture and allow for a sustainable move towards $215.00, which is the upper boundary of the previous consolidation channel. The critical support is created by $200.00

XRP/USD attempted a recovery above $0.2000, but failed to hold the ground. The coin is changing hands at $0.1970 amid growing bearish sentiments. The next support comes at $0.1930.