Cryptocurrency Market Update: Two-day recovery on the rocks as Bitcoin, Ethereum and Ripple trim gains

  • Bitcoin retreats after hitting a snag at $8,899.
  • Ethereum embraces the short term support at the $160 level.
  • Ripple settles within a narrow range between $0.23 and $0.24.

The overwhelming surge across the cryptocurrency market has greatly revived interest in the major cryptocurrencies. For instance, Bitcoin SV has more than tripled in value since the lows traded last December. The cryptoasset is trading at $345 after adjusting from highs at $450. Other assets that have improved greatly, include Bitcoin Cash, Bitcoin Gold and Dash.

However, the surge appears to be on the rocks as the cryptocurrencies start to reverse. The majority of the major cryptos are in the red on Wednesday led by Bitcoin, which is down 6%, Litecoin follows at 3% and EOS at 4.21%.

On the other hand, the cryptoassets that are still in the green include, Dash with its 31% rise on a daily basis, Bitcoin Gold is trading 27.7% higher and Ethereum Classic is up 4.3%.

Bitcoin price update

Bitcoin is down 2% on the day following a surge towards $9,000. An intraday high formed at $8,899 saw the bears start to swing into action. At the time of writing, BTC is valued at $8,627 amid a growing bearish momentum. If the support at $8,600 fails to hold, the zone at $8,400 could rescue the bulls. More support can also be expected to emanate from the former resistance at $8,200.

BTC/USD 4-hour chart

Ethereum price update

Ethereum, on the other hand, retreated from the new January 2020 high at $171.67. Support appears to be establishing at $160. Meanwhile, ETH/USD is valued at $162 (market value). Additional support is expected at $155, the 50 SMA on the 1-hour chart, and the 100 SMA.

ETH/USD 1-hour chart

Ripple price update

Ripple blasted its way through the resistance at $0.22 as well as $0.24. An adjustment in the price has occurred with Ripple slide back to $0.2342. Immediate support could be found at $0.23. Besides, the leveling RSI suggests that Ripple could settle the dust above $0.24 while the upside capped at $0.24 in the near term.

XRP/USD 4-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

Bitcoin is at risk of a major sell-off after halving

Bitcoin (BTC) has been rising sharply since the beginning of the week. The first digital coin managed to clear the psychological barrier of $9,000 and hit the intraday high of $9,148.

More Bitcoin News

Bitcoin Cash on the verge of disaster due to proposed tax on miners

Bitcoin Cash, now the fourth-largest digital asset with the current market value of $6.6 billion has gained over 2.5% since this time on Monday.

More Bitcoin Cash News

ETH needs another catalyst to continue gains

Ethereum (ETH) has been gaining ground for three days in a row. The coin hit an intraday high at $173.58, but retreated to $172.16 by the time of writing.

More Ethereum News

ADA/USD bulls set their eyes on SMA50 weekly

Cardano (ADA) is the tenth-largest digital asset with the current market value of $1.3 billion. The coin has been one of the best-perfroming assets with over 15% of gains in recent 24 hours.

More Cardano News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast