The cryptocurrency market reversed from overbought levels; Bitcoin (BTC) retreats to $9,000
- Bitcoin (BTC) has settled above critical $9,000 during early Saturday hours.
- Altcoins are switched into a red mode, losing from 1% to 3% since the beginning of the day.
The cryptocurrency market has started a correction after a head-spinning growth on Friday and during early hours on Saturday. Bitcoin is still in a green zone; however, the majority of altcoins are trading lower than at the beginning of Saturday. At the time of writing, the total cryptocurrency market capitalization is $243 billion from $205 billion the day before; an average daily trading volume catapulted to $148 billion from $57 this time on Friday; Bitcoin's market share jumped to 68.6%.
Top-3 coins price overview
BTC/USD topped at $10,484 during early Asian hours. However. a strong layer of stop orders located on approach to $10,500 slowed down the bull's run and triggered the correction from an overbought level. At the time of writing, the first digital coin is changing hands at $9,250, with over 6% of gains since the beginning of the day and over 26% higher in recent 24 hours. The nearest support now comes at $9,000. Once it is out if the way the sell-off may continue towards $8,600.
Ethereum, the second-largest digital asset with the current market capitalization of $19.4 billion, has stayed mostly unchanged since the beginning of Saturday and gained over 10% in recent 24 hours. At the time of writing, ETH/USD is changing hands at $181.84, off the intraday high of $199.04. Looking technically, ETH/USD needs to stay above $180.00 to retain the bullish bias. Once this barrier is cleared, the sell0off may continue towards $177.00 (a confluence of SMA100 (Simple Moving Average) and SMA200 on a four-hour chart).
Ripple’s XRP has gained 3% on a day-to-day basis to trade at $0.2930 by press time. The coin touched the area above $0.3100, but hailed to hold the ground and crashed below $0.30 handle amid snowballing bearish movement. The local support is created by psychological $0.2900 with SMA50 (four-hour) and a short-term upside trendline located right below this barrier.
Author
Tanya Abrosimova
Independent Analyst
