Cryptocurrency Market Update: Bitcoin hits the brick wall at $6,600, retreat to $6,000 imminent

The cryptocurrency market has demonstrated its volatile nature once again. Bitcoin and all major altcoins experience a sharp rally ahead of the US opening, but the upside momentum started fading away on approach to critical technical levels.

The US stock indices opened in a green zone as the President of the United States Donald Trump may ease lockdown to keep the economy running. While the decision may be questionable from the health care point of view, a business may seek it as a relief in the short run. According to the Federal Reserve Bank of St. Louis President James Bullard, the unemployment rate may hit 30% in Q2 due to massive shutdowns.

Top-3 coins overview

BTC/USD hit the recent high at $6,620 and retreated to $6,200 by press time. The coin failed to pass a strong barrier and dropped back with the initial strong support created by SMA100 and SMA50 1-hour on approach to $6,150. Once it is out of the way, psychological $6,000 will come into focus. BTC has gained 8% since the beginning of the day and stayed unchanged on a day-to-day basis.

BTC/USD 1-hour chart

ETH/USD follows Bitcoin's lead. The second-largest coin jumped above $138.00 only to retreat to $130.10 at the time of writing. ETH is losing ground fast. A sustainable move below $129.20 will trigger a sharp sell-off towards the intraday low of $119.36.

ETH/USD 1-hour chart

XRP/USD has been less volatile. The coin reached $0.1622 and retreated to $0.1550 by press time. XRP has gained over 4% since the beginning of the day, now it is moving within a short-term bearish trend amid high volatility. The initial support is created by $0.1500.

XRP/USD 1-hour chart