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.

Tanya Abrosimova Independent Analyst

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.