The Cryptocurrency Market Update: Bitcoin sits above $7,000 as the trading range is narrowing

Bitcoin (BTC) is trading marginally above $7,000 during early Asian hours.
Altcoins retain range-bound bias amid low trading activity.

Tanya Abrosimova Independent Analyst

Cryptocurrency market recovery stalled. Bitcoin and all major altcoins are mostly range-bound during early Asian hours. The market is a mixture of red and green, as there are no clear price patterns at the moment. The total cryptocurrency market capitalization settled at $196 billion unchanged from this time on Tuesday; an average daily trading volume decreased to $66 billion. Bitcoin's market share settled at 66.2%.

Top-3 coins price overview

BTC/USD has settled above $7,000 to trade at $7,070 at the time of writing. The first digital asset has stayed in a tight range since Tuesday as the recovery stalled on approach to $7,350 resistance. Currently, the nearest support comes at psychological $7,000, reinforced by the upper line of 1-hour Bollinger Band. A sustainable move above this barrier will trigger further sell-off towards $6,800.

BTC/USD, 1-hour chart

Ethereum is hovering above $145.00, off the intraday high registered at $148.90. The second-largest digital asset with the current market capitalization of $16 billion, has lost over 1.3% since the beginning of the day and stayed unchanged in recent 24 hours. ETH/USD is supported by $144.00 with the lower line of 1-hour Bollinger Band located below this handle. An initial resistance is created by the daily high and upper line of 1-hour Bollinger Band on approach to $149.00

ETH/USD, 1-hour chart

Ripple's XRP topped at $0.2242 on Tuesday and retreated to $0.2180 by press time. SMA100 (Simple Moving Average) 1-hour limited XRP's recovery and pushed in back within the short-term downside trend. While the coin has gained nearly 1% on a day-to-day basis, it is still down as compared to the levels registered at the beginning of the day.