The Cryptocurrency Market Update: Bitcoin and altcoins range-bound with bearish bias
- Bitcoin (BTC) is moving down within the range.
- Altcoins are moving in sync with the first digital currency.
The cryptocurrency market is bleeding again. Bitcoin and all major altcoins are nursing losses during early Asian hours amid growing bearish sentiments. The total cryptocurrency market capitalization dropped below at $199 billion from $202 billion this time on Monday; an average daily trading volume stayed unchanged at $59 billion. Bitcoin's market share edged higher to 66.5%.
Top-3 coins price overview
BTC/USD has been hovering around $7,300 since the beginning of the week. The coin touched an intraday high at $7,406; however, the upside momentum could not be sustained and Bitcoin slipped back below $7,300. The local support is created by the lower line of 1-hour Bollinger Band a5 $7,250. Once it is out of the way, the sell-off is likely to gain traction with the next focus Monday's low of $7,156 and psychological $7,000.
BTC/USD, 1-hour chart
Ethereum is staying close to at $149.00. The second-largest digital asset, with the current market capitalization of $16.6 billion, is moving inside a tight range with a bearish bias. The initial support comes at Sunday's low of $147.50 (the lower line of 1-hour Bollinger Band), the resistance is created by SMA100 (Simple Moving Average) 1-hour at $151.50.
ETH/USD, 1-hour chart
Ripple's XRP is exploring the area below $0.2200. The coin has lost 1.6% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day. If the move below $0.2200 handle is sustained, the sell-off may gain traction with the next focus on November 27 low at $0.2130.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
