The cryptocurrency market update: Bitcoin bears celebrate another victory, as BTC settles below $9,500


  • Bitcoin (BTC) has settled below $8,500 amid growing bearish pressure
  • Altcoins are mostly range-bound with bearish bias during early Asian hours.

Cryptocurrency market is range-bound with bearish bias during early Asian hours on Saturday. Bitcoin and major apt coins are nursing losses on a day-to-day basis. The total cryptocurrency market capitalization is decreased to $233 billion, from $236 billion this time on Thursday; an average daily trading volume reached $69 billion. Bitcoin's market share settled at 65.9%.

Top-3 coins price overview 

BTC/USD is mostly unchanged both since the beginning of the day and down 1.5% on a day-to-day basis. The first digital coin has recovered from the Asian low of $8,458 but failed to regain ground above $8,500. On the intraday charts, the recovery is limited by the upper line of 1-hour Bollinger Band on approach to $8,500. 

BTC/USD, 1-hour chart


 
Ethereum, the second-largest digital asset with the current market capitalization of $19.8 billion, recovered from Friday's low of $177.05 and settled above $181.00. ETH/USD has lost 1% on a day-to-day basis. Thee initial resistance is created by SMA50 (Simple Moving Average) 1-hour at $182.40.

ETH/USD, 1-hour chart


  
Ripple’s XRP is moving within a downside channel. The coin bottomed at $0.2525 on Friday and recovered to $0.2630 by the time of writing. XRP/USD is down 1% since this time on Friday. The third digital coin with the current market value of $11.4 may be vulnerable to further losses if fails to recover above $0.2640 (SMA50 1-hour) and $0.2700 any time soon. 

XRP/USD, 1-hour chart


 

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