Cryptocurrecny Market Update: Bitcoin and major altcoins recover from losses; recovery is limited
- Cryptocurrencies have recovered losses after the sell-off during early Asian hours.
- Bitcoin finds resistance on approach to $8,900 as bulls are not ready to re-test $9,000.
- Ethereum returns above the critical $200 while Ripple renews the bearish trend.
Bitcoin and major altcoins managed to regain ground after a sharp sell-off during early Asian hours caused by anti-risk sentiments amid the renewed US-China tensions. However, despite the recovery, all major coins stay in a red zone with Monero (XRM) and Bitcoin Cash being the biggest losers. The coins lost 4.6% and 3.5% respectively. Tezos, Tron and Crypto.com Coin are doing better than others as these coins managed to make their way into the positive territory.
At the time of writing, BTC/USD is mostly unchanged on the day to trade at $8,850. While the first digital coin gas recovered from the intraday low, it is still moving within a short-term bearish trend amid shrinking volatility. The initial support is created by the intraday low at $8,535. A sustainable recovery above $8,600 improved the technical picture and shifted the focus back to $9,000. Meanwhile, 1-hour RSI shows that the bearish grip is weakening. On the other hand, 1-hour SMA100 and SMA50 on approach to $8,900 limit the immediate recovery.
Chart of the day: BTC 1-hour
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ETH/USD regained ground above $200.00 after a sharp sell-off towards $195.17. At the time of writing, ETH/USD is changing hands at $204.75, down 2.5% on a day-to-day basis. The local resistance is created by the intraday high $210.82, while the price is moving within a short-term bullish trend.
XRP/USD has recovered most of the earlier losses to trade at $0.2179 by press time. However, Ripple has returned to the bearish trend. With the volatility high, the losses posted could be correction.
Author
Tanya Abrosimova
Independent Analyst
