Bitcoin price failed to make a comeback into the $9,000’s range over the weekend. The stability followed an incredible bullish action on Thursday last week that saw the price high new April highs at $9,466. The bullish action was, however, met by increased selling activity and coupled with the high volatility in the market, pulled Bitcoin into a reversal action, the extent of testing new support at $8,400. A minor recovery ensued but Bitcoin stalled under $9,000.
Bitcoin Cash extended the bearish action on Monday below the $240 support. A low was formed at $235, marking the end of the intraday bearish action. BCH/USD has corrected upwards to trade at $241. However, it is still far from the intraday high achieved at $252. With entire cryptocurrency market clouded by a bearish wave, BCH could retest the short support but no rapid price movements are expected in the near term especially with the volatility shrinking.
Litecoin topped at $50.96 on April 30 and slipped back below $50.00 as the upside momentum faded away during the weekend. At the time of writing, LTC/USD is changing hands at $45.83, down over 5% in the recent 24 hours. Litecoin now takes seventh place in the global cryptocurrency market rating with the market capitalization $3 billion and an average daily trading volume of $4.4 billion.
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