Cryptocurrency market update: Major cryptos retreat

  • Bitcoin retreats towards $9,000 after $9,500 became impenetrable.
  • Ripple bulls defend $0.30 despite the depression during the Asian hours.

The crypto market on Wednesday is characterized by both red and green signals. Leading the retracement is the three major cryptocurrencies Bitcoin, Ethereum and Ripple. As discussed in the price analysis, Bitcoin retreated shifting the focus back to $9,000 after failing to breach the resistance $9,000.  

Ethereum, on the other hand, is down 1.73% amid shrinking volatility. There was a struggle to hold above $190 support but the bears had their way of pushing the price to $187 (current market value).

The third-largest cryptocurrency Ripple is trading 0.12% higher on the day. The Asian session was dominantly bearish where Ripple hit a low of $0.3008. With the low volatility, downside correction likely to stay limited. Meanwhile, the bulls must try to hold above $0.30 to avert further declines.



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