Cryptocurrency Market Update: Bitcoin bulls bow following rejection at $8,200

The cryptocurrency market is calm following a false breakout on Tuesday. The top three cryptoassets climbed above the immediate resistance levels. For instance, Bitcoin broke above $8,000 but fell short of $8,200, Ethereum closed in on $210 while Ripple cleared the hurdle at $0.21.

Over the last seven days Bitcoin has lost 10.64%, Ethereum is down 11.62% and Ripple has shed off 10.28%. The worst-hit coin among the top ten is Bitcoin SV (BSV), trading at 18.13% lower in the last seven days.

Bitcoin dominance on the market is still high at 64% according to the data on CoinMarketCap. The total market capitalization has thinned by $2 billion from $226 billion on Tuesday to $224 at the time of writing. The reported trading volume has tanked by from $150 billion to the current $136 billion.

BTC/USD is trading at $7,842 after correcting from an intraday high of $7,966. The price is also down 0.57% from its opening value of $7,889. Bitcoin is trading in a bullish trend but the volatility remains low.

ETH/USD is doddering at $198.56 following an adjustment from $200.67 (opening value). An intraday high has been formed at $203.18. Ethereum is facing increased selling activity owing to the strong bearish trend. However, with the prevailing bearish pressure, minor movements downward are anticipated.

Read more: Ripple Price Prediction: XRP/USD bulls hesitate after clearing $0.21 resistance – Confluence Detector

Chart of the day: BTC/USD hourly chart

Industry update

Ripple has partnered with Rippleworks for the purpose of supporting ‘powerful initiatives’ across the world. Rippleworks was named by Fast Company, an American business magazine as 2020’s fast-growing not for profit organization. The company was founded by Doug Galen, the CEO and Chris Larsen in 2015. It concentrates on providing entrepreneurs with practical support as well as funding.