The Cryptocurrency Market Update: Bearish mood pushhes Bitcoin to channel support

Bitcoin (BTC) is moving inside the range with a bearish bias.
Altcoins in retreat, following the lead of the first cryptocurrency.

Tanya Abrosimova Independent Analyst

The bearish sentiments are growing stronger. The cryptocurrency market has been in retread since the beginning of the week, though bitcoin and all major altcoins have not left the boundaries of the recent ranges.

Chainlink and Tezos are moving against the crypto tide again. The coins have gained over 2% in recent 24 hours and partially recovered yesterday's losses.

The total cryptocurrency market capitalization settled at $197 billion from $200 on Tuesday; an average daily trading volume stayed settled at $58 billion. Bitcoin's market share is registered at 66.7%.

Top-3 coins price overview

BTC/USD is hovering above $7,200 during Asian hours, down $1.2% on a day-to-day basis. Once $7,200 support gives way, the sell-off will be extended towards a psychological $7,000. The lowest level of the previous week and the lower line of the daily Bollinger Band located on approach to this important support may slow down the sell-off and create a precondition for recovery. On the upside, the local support is created by $7,400 ( SMA200 (Simple Moving Average) 1-hour).

BTC/USD, 1-hour chart

Ethereum has retreated below $146.00 to trade at $145.70 at the time of writing. The second-largest coin with the current market capitalization of $15.7 billion has lost about 1% of its value in the recent 24 hours amid the sell-off on the cryptocurrency market. The initial support awaits us $144.30 ( the lower line of 1-hour Bollinger Band), followed by Tuesday's low at $144.00. On the upside, we will need to see a sustainable move above psychological $150.00 for the upside to gain traction.

ETH/USD, 1-hour chart

Ripple's XRP found support at $0.2200. The third-largest coin has recovered from Tuesday's low of $0.2193 to trade at $0.2219 at the time of writing. Despite the recovery, the upside momentum remains weak, while XRP's outlook is mostly bearish as long as the price stays below $0.2300. Once this handle is cleared XRP/USD may proceed to the next bullish target at $0.2330 (the highest level of the previous week). On the downside, a sustainable move below $0.2200 will attract new sellers. In this case, the sell-off will be extended to $0.2100 (December 4 low).