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.

Tanya Abrosimova Independent Analyst

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.