Cryptocurrency market update: Kicks of a dying horse as Bitcoin, Ethereum and Ripple remain suppressed

  • The cryptocurrency market loses $9 billion in less than a week as bears remain largely in control.
  • Bitcoin is lethargic under $8,000 although the bulls are ready to defend $7,800 support once again.

Cryptocurrencies continue to be depressed during this weekend’s session. Earlier in the week there was an attempt to push for a significant correction but bears interjected before the major cryptos formed viable support levels. The total market capitalization rose to $226 billion on Monday. The up and down trading over the week’s trading has seen the market cap thin to the current $217 billion.

Bitcoin market update

Bitcoin dipped below $8,000 on Friday. The drop came after a failed attempt to correct above $8,100. The downtrend explored the levels towards the support at $7,800. A following shallow trend has seen the price retest $8,000 but BTC/USD has readjusted to $7,940 (current market value). As discussed earlier today, a bearish flag pattern is likely to send Bitcoin back to $7,800 unless the bulls clear the resistance at $8,000.

BTC/USD four-hour chart

Ethereum price analysis

Ethereum also made a swing towards $180 but failed. This left a gap to be explored by the bears. In turn, ETH retested the support $173. The trading activities have, however, been low since the drop, hence Ethereum is lethargic in the its recovery. For now, Ethereum is trading at $173.85 while the immediate upside is limited by the 50 Simple Moving Average (SMA) on the one-hour chart.

ETH/USD one-hour chart

Ripple market update

Ripple, on the other hand, was ejected from the levels slightly above $0.30. The crypto readjusted towards the short-term support at $0.29 before pushing for a shallow correction upwards. For now, Ripple is trading at $0.2965 but the intermittent momentum lacks the strength to clear $0.30 resistance.

XRP/USD one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crossroads in the war for dominance

At the beginning of the day, the crypto market is awaiting the resolution of two critical technical events for the development of prices in the short and medium-term.

More Bitcoin News

XRP/USD bounces off $0.20 only to run into trendline resistance

Ripple has started to nurture a consolidative move between $0.20 support and $0.21 resistance. Earlier this week, the price spiked above $0.215 but failed to overcome the resistance at the descending trendline. 

More Ripple News

Cardano Market Analysis: ADA/USD rushes to the North as Shelly update looms

The price of Cardano (ADA) has been on fire. The price increased from $0.4950 on May 21 to $0.0889 by press time. Moreover, the coin tested $0.0900 during early Asian hours, which is the highest level since June 28, 2019. 

More Cardano News

LTC/USD resumes the recovery after sell-off, $48.00 in focus

Litecoin (LTC) attempted a recovery above $48.00 during early Asian hours on Thursday, but failed to hold the ground and dropped to as low as $46.26 (intraday low).

More Litecoin News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast