The cryptocurrency market  update: bulls hit the pause button as recovery stalls


  • Bitcoin (BTC) has settled settle above $8,200 as the upside momentum is losing traction.
  • Altcoins are range-bound with bearish bias during early Monday hours. 

Bitcoin has recovered above $8,000 to trade at $8,220 at the time of writing. However, the upside momentum seems to be fading away as all major digital assets are nursing marginal losses during early Asian hours on Monday. The total cryptocurrency market capitalization settled at $222 billion, an average daily  trading volume is registered at $57 billion, while Bitcoin's market share recovered to 66.6%

Top-3 coins price overview 

BTC/USD took off from the support of  $7,800 on Sunday and broke above $8,000 barrier; However, the upside momentum faded away on approach to $8,300. Despite the retracement from the recent high, BTC/USD is trading with 3.5% of gains on a day-to-day basis, unchanged since the beginning of Monday. 
 
Ethereum, the second-largest digital asset with the current market capitalization of $18.9 billion, is hovering at $174.53, off the recent high registered at $175.72. Looking technically, ETH/USD is vulnerable to further losses as long as the critical Resistance of $180.00 remains unbroken. ETH/USD has gained nearly 2% in the recent 24 hours.
  
Ripple’s XRP has gained about 1.3% of its value to trade marginally above $0.2900 at the time of writing. XRP/USD has retreated from thee intraday y high of $0.2949 as the upside momentum fade away on approach to the critical resistance level. Ripple's current market value is registered at $12.6 billion, while an average daily trading volume stays at $1.6 billion, according to CoinMarketCap's data.

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Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

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