Cryptocurrency Market Update: Bitcoin devastatingly slides under $7,000, Ethereum and Ripple bleed

  • Bitcoin returns under $7,000 even as the hope for a recovery towards $8,000 disappears into the dark.
  • Ethereum retested $130 support while Ripple explored the levels close to the key $0.2000 support.

The carnage in the cryptocurrency market continues even as we enter the third week of December. The almost certain end-year rally appears to sleep through the bulls' fingers unapologetically. It is apparent that cryptocurrencies will close the year at unexpected lower levels. However, the market is relatively better compared to the downtrend experienced in 2018.

It is clear that the market is struggling to stay afloat. Moreover, after missing the pre-holiday rally, the situation could get worse as traders hibernate for the festivities. Besides, a new report by Chainalysis suggests that it is about to get even darker for the leading digital asset, Bitcoin.

Bitcoin market update

Bitcoin eventually broke the crucial support at $7,000. The bearish momentum extended the leg that has been bleeding the cryptoasset since the drop in November from highs above $8,000 to lows close to $6,530.

The recent losses touched $6,828 on the downside but Bitcoin has since recovered to $6,880 (current market value). FXStreet’s cryptocurrencies live rates table shows the trend as strongly bearish amid low volatility levels.

The four-hour chart shows a symmetrical triangle breakdown is still catalyzing the downside momentum. The technical picture appears to get worse by the session. For instance, the RSI is buried in the oversold and showing no signs of recovery. The gap between the 50 SMA on the 4-hour chart and the 100 SMA is also widening and signaling a growing bearish grip. If the picture fails to change, Bitcoin could slide to test $6,000.

BTC/USD 1-hour chart

Ethereum market update

Ethereum reacted in tandem with the falling Bitcoin price. The support held at $142 and $140 did very little to stop the selling pressure. For the second time in less than two months, $130 support was tested. A subtle recovery pulled ETH above $132 and is teetering at $132.50. The expected reversal will encounter resistance at $140, the trendline resistance as well as the moving averages. Ethereum bulls limited choices but reclaiming $140 support will go a long way in nurturing the growth towards $200.

ETH/USD 1-hour chart

Ripple market update

Ripple, on the other hand, pushed the losses discussed yesterday a notch lower, dropping beneath the short-term support at $0.2050. The bear momentum aimed at $0.2000 but formed a low at $0.2033. Recovery momentum is still at bay because XRP is trading at $0.2035 amid a growing bearish cloud.

XRP/USD 1-hour chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano plan for new all-time high is clear

Cardano has established a new all-time high of $1.55 on April 14 and bulls aim for more now. The digital asset had a significant breakout from a key pattern but still faces a significant resistance barrier ahead, according to on-chain metrics.

More Cardano News

Enjin Coin on track for 20% gains

Enjin Coin price is trading around the middle line of an ascending parallel channel. A bounce from the demand zone ranging from $2.92 to $2.46 signals a continuation of the upswing to $3.59. If ENJ slices through the supply barrier at $3.59, an additional 10% upswing will push it to $3.98.

More Enjin Coin News

VeChain shows mixed signals amid market weakness

VeChain just recently formed a new all-time high of $0.189 on April 15 after a massive rally in April. The digital asset had a brief consolidation period in the last 24 hours but could be aiming for the next leg up soon. 

More VeChain News

Binance on verge of 25% upswing

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap. 

More Binance Coin News


Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast