Cryptocurrency Market Update: Bitcoin and major altcoins `jump off the lows, give bulls a glimpse of hope

  • The market has started to recover from oversold levels.
  • The overall trend is still bearish as the recovery may be limited.

Bitcoin and major altcoins have recovered from the recent lows amid technical correction from deeply oversold levels. The total capitalization of all digital assets in circulation settled at $179 billion, while an average daily trading volume spiked to $93 billion.

Top-3 coins: technical picture

BTC/USD is changing hands at $6,659, off the intraday low of $6,435. The first digital coin is still down nearly 3% on a day-to-day basis. From the technical point of view, Bitcoin has returned inside the Bollinger Band on 1-hour chart with further recovery limited by $6,700.

ETH/USD regained the ground above $123.00 after collapsing to $166.40 earlier on Wednesday. The second-largest coin is shadowing Bitcoin moves with the initial resistance created by $125.00 (the upper line of 1-hour Bollinger Band). An upward-looking RSI (Relative Strength Index) implies that the short-term recovery may be extended.

XRP/USD hit bottom at $0.1752 before recovering to $0.1823 by press time. The coin has lost over 7% in recent 24 hours amid strong bearish pressure. Despite the recovery, the coin is moving within a steep downside trend.

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