Cryptocurrency market update: Sellers back to revenge as Bitcoin, Ripple, and Ethereum navigate the sea of red

The cryptocurrency market is red everywhere on Wednesday 24 following the massive return of the bears. The majority of the digital assets are currently navigating a deep sea of red. All the top ten digital assets led by Ripple rare showing declines between 1% and 8%. Ripple is leading from behind having lost 7.71% of its value. It is followed closely by Ethereum classic ay -6.66% and Bitcoin Gold with declines of 5.21%.

Bitcoin price overview

Bitcoin rose massively yesterday ignoring the widespread consolidation forces on the market to trade above $5,600. The largest asset extended the gains to form new 2019 highs before correcting lower. The retracement has seen it lose 1.2% of its value on the day to trade at $5,467. A look at the chart shows BTC/USD having found support at $5,426 a move that has given way to a developing bullish momentum likely to correct above $5,500 in the short-term. Bitcoin is trading below the 100 SMA while indicators applied on the chart show the price having a bearish bias. Bitcoin must push for gains above $5,500 for a continued correction towards the 2019 highs around $5,632.

BTC/USD 15-minutes chart

Ethereum and Ripple price update

The second and third largest cryptocurrencies have not been spared, in fact, they continue to trim gains below key support areas. Ethereum for example is down 3.09% on the day after trading highs around $171.02. The asset is currently changing hands at $164 amid a growing bearish momentum.

Ripple, on the other hand, is the worst hit among the major coins with losses of more than 7%. XRP/USD has slumped from an intraday of $0.3220 to trade a low at 40.2932, although it has recovered slightly to $0.2981. The prevailing trend is strongly bearish, however, a correction above $0.3000 will allow the buyers to gain confidence and push XRP higher.