Cryptocurrency Market Update: Bitcoin recovery stalled amid stock markets indecision

  • The cryptocurrency market moves in sync with the US stocks.
  • Bitcoin's recovery stalled on approach to $9,400.

The cryptocurrency market recovery stalled once again. Bitcoin and all major altcoins moved above the local resistance levels; however, the further upside momentum stopped. If the bullish trend is not resumed any time soon, the chances are that we will get back inside the depressing ranges that dominated during the previous week.

Meanwhile, the bulls on the global stock markets also pressed the pause button as major indices dragged lower after a strong rally on Monday. The Shanghai Composite was an exception as the index climbed for the sixth day in a row, amid strong growth of iron ore futures the offshore yuan. The currency briefly pierced the 7 per dollar level for the first time since March. 

Top-3 coins overview

BTC/USD came close to $9,400 during early Asian hours only to retreat to $9,250 by press time. The first digital asset has lost 1.0% since the start of the day and stayed unchanged since this time on Monday; a sustainable move above $9,300 (the highest level of the previous week at $9,288) area is needed for the upside to gain traction.  Bitcoin's market dominance reduced to 63.6%. as major altcoins demonstrate higher gains.

BTC/USD daily chart

ETH/USD catapulted to $243.83 and fell back to $236.90 by press time. The coin has lost over 2% of its value on Tuesday, moving within a short-term bearish trend amid low volatility. The next critical support is created by $230.00, while the resistance comes at $240.00.

ETH/USD daily chart

XRP/USD stopped within a whisker of $0.1900 and retreated to $0.1850. The coin is down 2% since the beginning of the day and unchanged on a day-to-day basis. A strong move above $0.1800 helped to improve the technical picture and create a bullish bias; however, now we need to see a sustainable move above $0.1900. The support comes at $0.1800. It is followed by the intraday low of $0.1772.

XRP/USD daily chart

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