Cryptocurrency Market Update: Bitcoin. Ethereum and Ripple in total lockdown as consolidation takes over

The cryptocurrency market is in a lull situation following a retreat from the highs achieved last week. The majority of cryptoassets are barely sustaining in the green especially the top three; Bitcoin Ethereum and Ripple. The most battered coin is Bitcoin Gold (BTG) after losing 1.36% of its market value on the day.

Data by CoinMarketCap shows a fall in the total market capitalization from the recent high at $204 billion to the current $198 billion. The drop clearly shows that the selling pressure in the past 48 hours has been significant especially for Bitcoin after falling from high above $7,300 to lower levels at $6,748. The total trading volume has also tumbled from $186 billion to $114 billion (reported in the last 24 hours).

BTC/USD has a market value of $6,864 at the time of writing. The cryptoasset features a 0.30% gain on the day from an opening value of $6,854. Its trend is bullish amid shrinking volatility; an indication that upward movements will not be forthcoming in the current and next sessions of the day unless a catalyst comes into play.

Chart of the day: BTC/USD daily chart

Looking at the four-hour chart, Bitcoin is still holding above the 50-day SMA; a very key indicator that buyers have enough power to avert further losses. The only thing that is holding them back is the low trading volume which can also be resolved by a catalyst. Signals from the MACD suggests that Bitcoin is in the hands of the bulls and that the path of least resistance is to the north. It is also vital that support at $6,800 is defended while the focus remains on rising above $7,000 in the near term.

ETH/USD is slightly in the green having accrued 0.76% of gains from the opening value of $170.34. Ether tested highs at $190 over the weekend but has lost a significant chunk of its value in the last 48 hours. In spite of a bullish trend, the low volatility means that low volume is recorded across the exchange platforms and that traders are choosing to stay away from the current choppy markets. At the time of writing, Ethereum is teetering at $172 after defending support at $170.

XRP/USD, the third-largest cryptocurrency in the industry is trading 0.43% higher on the day. Over the last 48 hours, Ripple has contained its movements in a narrow range between $0.18 and $0.19. Trading remains limited just like the other top cryptocurrencies as movement stays drab. Minor price actions are expect throughout the trading sessions on Wednesday unless something extraordinary happens.