Cryptocurrency Market Update: Bitcoin bulls are intimidated by a strong resistance $8,000

The cryptocurrency market is a mixed picture on Monday. Bitcoin entered a consolidation phase after a retreat from the new April's high $7,800; major altcoins are losing ground amid low trading activity. The total capitalization of all digital assets in circulation settled at $221 billion, slightly higher from this time on Sunday, April 26, while an average daily trading volume reached $141 billion. 

From the fundamental point of view, the market sentiments are dominated by the upcoming halving narrative and uber stimulating monetary policies around the globe. The Bank of Japan dropped the limit for its government bonds buying program, which means the regulator is ready to buy as much debt as necessary to finance the economic support.

Top-3 coins overview

BTC/USD has been sitting in a tight range marginally above $7,700 since the beginning of the day. The price of the first digital coin has stayed unchanged both on a day-to-day basis and gained 1.4% since the beginning of Sunday.  BTC/USD is moving within a short-term bearish trend amid low volatility as bulls are not ready to take out $8,000. 

ETH/USD stopped short of $200.00 and retreated to $195.00 by the time of writing . The second-largest coin has stayed unchanged both on a day-to-day basis and lost 1.3% since the beginning of the day amid short-term bearish sentiments and decreasing volatility. The bulls need to take out $200.00 to keep the recovery on track.

XRP/USD stays in the range $0.1900-$0.2000 amid directionless intraday trading. The coin is moving in sync with the market. The volatility is low.