Cyptocurrecny Market Update: Bulls are too depressed to get Bitcoin price above $9,000
- The market stalled in the range after a sharp sell-off on Sunday.
- BTC/USD hovers above $8,700; ETH holds above $200.00.
The cryptocurrency market has recovered from the recent lows but failed to return to the previous range. Bitcoin and major altcoins stalled in tight ranges as the upside momentum is nowhere to be seen. The capitalization of all digital assets in circulation reached $246 billion. The average daily trading volume is $110 billion
Top-3 cryptocurrencies price updates
Bitcoin (BTC) tested $8,637 during early Asian hours; however, the recovery stopped short of the psychological $9,000 While the coin managed to regain some ground tetrode at $8,750 by press time, it is still down 3% since on a day-to-day basis and stayed unchanged since the beginning of Monday. A failure to move above $9,000 will worsen the short-term technical picture and bring more bears to the market.
Ethereum touched $198.00 early on Monday but managed to return above $200.00 to trade at $203.00 by press time. The second-largest digital asset needs to regain ground above the intraday high of $205.00 to improve the short-term technical picture and allow for the recovery towards another important resistance of $210.00. The critical support is created by $200.00.
XRP/USD recovered from the intraday low of $0.1855 and stalled at $0.1930 as the recovery momentum has faded away. The critical resistance is created by $0.2000, but it seems that the coin may venture another deep below $0.1900 first.
Author
Tanya Abrosimova
Independent Analyst
