The cryptocurrency market update: Bitcoin and major altcoins recover from early losses


  • Bitcoin (BTC) has settled above $8,600 amid bearish pressure
  • Altcoins are mostly range-bound with bearish bias during early Asian hours.

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day. The total cryptocurrency market capitalization is decreased to $236 billion, from $239 billion this time on Thursday; an average daily trading volume reached $69 billion. Bitcoin's market share retreated at 65.9%.

Top-3 coins price overview 

BTC/USD is mostly unchanged both since the beginning of the day and on a day-to-day basis. The first digital coin has recovered from the Asian low of $8,494, but failed to gain an upside momentum above $8,600. On the intraday charts, the recovery is limited by SMA50 (Simple Moving Average) 1-hour at $8,650. The nearest support comes at $8,600.

BTC/USD, 1-hour chart


 
Ethereum, the second-largest digital asset with the current market capitalization of $19.9 billion, is oscillating within a range with a short-term bearish bias. The coin recovered from the Asian low of  $180.49 to trade at $183.50 at the time of writing, down 1.3% since this time on Thursday. Looking technically, ETH/USD needs to recover above $185.22 (SMA50 1-hour) to mitigate thee initial bearish pressure. 

ETH/USD, 1-hour chart


  
Ripple’s XRP has lost 0.5% since the beginning of Friday to trade at $0.2665 by the time of writing. The third digital coin with the current market value of $11.6 may be vulnerable to further losses if fails to recover above $0.2700 any time soon. The next bearish target is seen at the current intraday low of $0.2620.

XRP/USD, 1-hour chart


 

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