Cryptocurrency Market Update: Bitcoin locked in a range after volatile week

The cryptocurrency market is directionless during early Asian hours on Sunday.
Bitcoin and all major altcoins are trapped in tight ranges.

Tanya Abrosimova Independent Analyst

The cryptocurrency market has been moving sideways with bullish bias during early Asian hours on Sunday. Saturday's sell-off did not yield into a big move and several altcoins reversed from support levels and attempted recovery. The cryptocurrency market capitalization edged to $230 billion, while an average daily trading volume dropped to $72 billion. Bitcoin's market dominance settled at 66.1%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization has settled above $8,300 after a short-lived sell-off to $8,217 On January 24. At the time of writing, BTC/USD is changing hands at $8,350, mostly unchanged since the beginning of the day. We will need to see a sustainable move above $8,450 created by SMA100 1-hour and 50% Fibo retracement for the upside move from December 2018 low to July 2019 high for the upside to gain traction.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum settled above to $160.00 during early Asian hours after a move tot $159.22 during early Asian hours. The second-largest coin with the current market value of $17.4 billion is moving within the short-term bearish trend amid expanding volatility. ETH/USD has gained about 1.0% on a day-to-day basis and stayed unchanged since the beginning of Sunday. The local resistance is created by SMA100 1-hour at $162.40.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple settled at $0.2206 after a move to $0.2136 on January 24. XRP/USD is locked in a tight range, moving with short-term bearish bias. The critical support is located at $0.2200. recovery may be limited by SMA50 1-hour at $0.2235.

XRP/USD 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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Cryptocurrency Market Update: Bitcoin locked in a range after volatile week