Cryptocurrency market update: Crypto bears regain poise, Bitcoin risks further falls
- Bears regain control on Saturday after recent downpour across the crypto space.
- Bitcoin leads the decline amongst the top three dominant cryptocurrencies.
Top 3 coins’ price overview
- Bitcoin’s (BTC/USD) recovery from six-month lows faltered at the 61.8% Fibonacci Retracement (Fib) level of Friday’s slump, located near 7,365 region. The bears are back in command and target the next support aligned at 7,000 (psychological level), having breached the 38.2% Fib at 7,147. The most widely traded cryptocurrency is down 3% over the last 24 hours, with its market capitalization shrinking to $ 129.55 billion.
- Ethereum (ETH/USD), the second-largest digital asset with the current market capitalization of $16.14 billion, is back in the red zone, as the market witnessed a dead cat bounce from eight-month lows of 138.19 reached on Friday. The downside bias remains intact, despite the several recovery attempts, as the coin is set to book about 19% loss on a weekly basis. At the press time, ETC/USD exchanges hands around 148.90, losing nearly 4% over the last 24 hours.
- Ripple (XRP/USD) quickly reversed from daily lows of 0.2264, but the bounce now appears limited in absence of weekend love for the digital assets. The recovery seen earlier on the day died down and the rates slipped back below the 0.2300 level. The No. 3 coin remains vulnerable going forward, with a test of the two-month lows of 0.2223 more likely. Ripple is seen 1.10% lower on the day, enjoying a market capitalization of $9.86 billion.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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