The cryptocurrency market nurses losses; Bitcoin and major altcoins dip below support levels


  • Bitcoin (BTC) has dropped below $8,700 during early Asian hours.
  • Altcoins follow the lead, nursing losses.

Cryptocurrency market is flashing red colors on Thursday. Bitcoin and all major altcoins are nursing losses amid growing bearish sentiments. The total cryptocurrency market capitalization is registered at $239 billion, unchanged from this time on Wednesday; the worth of the digital asset of $63 billion change hands daily on average. Bitcoin's market share settled at 66.0%.

Top-3 coins price overview 

BTC/USD has stayed mostly unchanged on a day-to-day basis and lost over 1% of its value since the beginning of Thursday. At the time of writing, the coin is changing hands at $8,660, off the intraday high registered at $8,785. On the intraday charts, the sell-off gained traction after the price broke below  SMA50 (Simple Moving Average) 1-hour at $8,740. The next strong support comes at $8,600 ( the lower line of the daily Bollinger Band), followed by $8,545 (SMA50 daily).

BTC/USD, 1-hour chart
 

Ethereum, the second-largest digital asset with the current market capitalization of $20.2 billion, is oscillating within a range with a short-term bearish bias. The coin dropped from the Asian high of  $188.66 to trade at $185.50 at the time of writing, down 1.3% since the beginning of the day. Looking technically, ETH/USD needs to recover above $186.30 (SMA50 1-hour) to mitigate thee initial bearish pressure. The next support is created by  psychological $185.00.

ETH/USD, 1-hour chart
 

Ripple’s XRP has lost 1.0% since the beginning of Thursday to trade at $0.2695 by the time of writing. The third digital coin with the current market value of $11.6 may be vulnerable to further losses if a move below $0.2700 is confirmed. The next bearish target is seen at the current intraday low of $0.2657.

XRP/USD, 1-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


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC investors increase their bets to $30,000 by January 2021

Bitcoin is trading around $13,300 after a rally from $10,000. Many investors seem to be targeting at least $30,000 by January 2021. Statistics from Skew show that Jan21 calls crossed 10,000 with a 1:4 ratio on $32,000/36,000. 

More Bitcoin News

Ripple Price Prediction: XRP downtrend not over as bears target another 10% drop

XRP was bounded inside a daily ascending triangle for around one month. On October 28, Ripple's digital asset broke down from the pattern, losing the 50-SMA support level at $0.245 and experiencing a lot of bearish continuation in the next two days.

More Ripple News

Yearn.finance Price Prediction: YFI shows mild signs of recovery after 78% correction

Yearn.finance has corrected a whopping 78% from its all-time highs of $44,000. Buyers tried to hold the decentralized finance (DeFi) token above $20,000 to no avail. 

More Yearn.finance News

ADA price is poised to rebound as the Cardano community prepares for the Goguen era

The official roadmap for Cardano is divided into five categories starting with Byron, related to the foundation. The second transition was Shelley, with decentralization, and the team is currently working on 'Goguen', smart contracts. 

More ADA News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC hits $13,863 for the first time since June 2019

Bitcoin has retested the high at $13,863 set in June 2019, potentially forming a double top. The cryptocurrency market is experiencing increased volatility due to the upcoming US elections, as it's not clear who the winner will be.

Read the weekly forecast

BTC

ETH

XRP