Cryptocurrency market update: Bitcoin edges lower toward critical $10,000


  • Major cryptocurrencies fluctuate in tight ranges on Saturday.
  • Bitcoin fails to extend rebound, stays above $10,000 for now.
  • Ethereum stays near multi-month lows below $200 handle. 

The heavy selling pressure surrounding all major cryptocurrencies since the start of the week seems to have lost its strength on Saturday but the market doesn't show any interest in a decisive recovery attempt. Although Bitcoin gained traction on Friday on the back of Bakkt announcing that it will offer futures that will pay out in Bitcoin starting September 23rd, the positive impact of this development faded away relatively quickly. According to the latest available data on coinmarketcap.com, the total market capitalization of all cryptocurrencies fell to $263 billion from $300 billion seen on Monday.

Top-3 coins price overview

After rising to a fresh two-day high of $10,540 on Friday, Bitcoin (BTC/USD) turned south on Saturday and erased a large portion of the recovery gains it recorded in the second half of the week. With the low weekend trading volume keeping Bitcoin's losses limited, for now, the picture remains bearish for the biggest cryptocurrency with regards to market capitalization. As of writing, the BTC/USD pair is down 2.22% on the day at $10,130. $10,000 (psychological level/Fibonacci 61.8% retracement of June rally) is located as the initial support and a break below that critical level could attract sellers and push the pair lower toward $9,500 (Aug. 15 low) and $9,000 (psychological level/Jul. 17 low/Fibonacci 78.6% retracement of June rally). On the upside, a daily close above $10,800 (20-DMA/50-DMA/Fibonacci 50% retracement of June rally) could be seen as the beginning of a deeper recovery.

Ethereum (ETH/USD) slumped to its lowest level in more than three months at $171 and failed to make a sharp rebound to retake the $200 psychological level. At the moment, the ETH/USD pair is erasing 1.2% on the day at $183. Above the $200 handle, $210 (20-day MA) could act as an interim resistance ahead of $240 (Aug. 6 high/50-day MA). On the downside, $171 (Aug. 15 low) is the immediate support and below that level, the pair could target April lows at $140.

Ripple (XRP/USD) dropped to its lowest level since December 2017 at $0.2365 earlier this week and has been staying in a tight consolidation channel since. Although the pair is adding a little more than 1% on a daily basis at $0.2640 at the moment, it's still down nearly 13% for the week. Only with a strong move above $0.3000 (20-day MA and former static support) the XRP/USD pair could bring in more buyers and continue to retrace its losses. On the downside, $0.2200 (Dec. 10, 2017, low) and $0.2000 (Dec. 8, 2017, low/psychological level) can be targeted if the bearish pressure remains intact.

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 & Analysis

Editors’ Picks

BTC/USD is at risk of an extended sell-off towards $8,000

Bitcoin (BTC) is under selling pressure on Thursday. The first digital coin has lost over 3.5% since the beginning of the day amid growing bearish sentiments and expanding volatility.

More Bitcoin News

XRP transactions cannot be blocked, Ripple's CTO explains why

Ripple's XRP, now the third-largest digital asset with the current market value of $10.0 billion has lost 3% in recent 24 hours. The coin bottomed at $0.2280 during early Asian hours and recovered to $0.2300 by the time of writing.

More Ripple News

Cryptocurrency Market Update: Crypto sell-off returns as Bitcoin dives under $8,500

The cryptocurrency market is back in the red, erasing the shallow gains posted on Wednesday. All the major digital assets are struggling with losses between 1% and 6%.

More Cryptocurrencies News

Bitcoin Cash miners told to donate 12.5% of their revenues to support the ecosystem

Bitcoin Cash, the fourth largest digital asset with the current market value of $6.1 billion has lost 2.5% in the recent 24 hours amid global correction on the cryptocurrency market. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP