The Cryptocurrency Market Update: Bitcoin may retest $7,000 sooner rather than later


  • Bitcoin (BTC) resumed the decline after a short period of consolidation.
  • Altcoins are in the red zone, moving in sync with BTC.

The cryptocurrency market has resumed the decline on Wednesday. Bitcoin and all major altcoins are moving outside the recent ranges amid growing bearish sentiments. The total cryptocurrency market capitalization dropped to $194 billion from $199 billion this time on Monday; an average daily trading volume stayed unchanged at $55 billion. Bitcoin's market share edged higher to 66.7%.

Top-3 coins price overview 

BTC/USD has retreated from Tuesday's high of $7,400 to trade at $7,135 by the time of writing. The coin has lost about 2% of its value both since the beginning of the day and on a day-to-day basis. The local support is located at the lower line of 1-hour Bollinger Band a5 $7,105. Once it is broken, the sell-off is likely to continue with the next focus on psychological $7,000.

BTC/USD, 1-hour chart


 
Ethereum broke free from a tight range and settled at $144.00. The second-largest digital asset, with the current market capitalization of $15.7 billion, lost 2.5% in recent 24 hours. The initial support comes at $143.50 (the lower line of 1-hour Bollinger Band), the resistance awaits us on approach to SMA50 (Simple Moving Average) 1-hour at $148.17.

ETH/USD, 1-hour chart


  
Ripple's XRP has crashed below $0.2200 and touched $0.2100 during early Asian hours. The coin is down 3% in recent 24 hours. A sustainable move below $0.2100 may trigger a sell-off towards November 25 low at $0.2014. The local resistance is created by $0.2180 ( the middle line of 1-hour Bollinger Band), followed by $0.2200.

XRP/USD, 1-hour chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin and gold correlation hits record high as billions wiped off in fresh crypto selloffs

BTC/USD is exploring levels closer to $11,000 following a consistent downtrend from highs traded on Monday at $12,084. An intraday low has been traded at $11,223 but BTC/USD is exchanging hands at $11,289.

More Bitcoin News

XRP/USD keeps trending in downward channel formation as price drops below $0.27

XRP/USD bears stayed in control of the market for the second straight day as the price continued trending in a downward channel formation. So far this Wednesday, the price has dropped from $0.2828 $0.2788.

More Ripple News

Ethereum Price Forecast: ETH/USD downtrend holds as $350 calls profusely

Ethereum has continued to explore the downside since the rejection from the new yearly high at $415 on August 2. The immediate reversal tested support at $325. However, Ether recovered in a reflex motion settling shortly ...

More Ethereum Classic News

BCH/USD consistent lower high pattern could refresh $260 support

Bitcoin Cash has continued to record lower highs following the rejection the bulls suffered at the beginning of August, close to $340. A descending trendline has remained intact for the second week in a row as well. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP