- European Union Finance ministers to discuss cryptocurrency growth and its challenges to reveal if the industry required regulations to be tightened.
- Bitcoin price drops below $7,000 as traders see declines going further towards $6,700.
- Ethereum price and Ripple price break key support levels.
The cryptocurrency market has recovered considerably since the week began. The uptrend was mainly led by the largest cryptocurrency by market capitalization, Bitcoin. Other digital assets followed suit with minor recoveries but the momentum appears to have stalled as the market started fresh bleeding today, Thursday 30.
The trend reversal commences only a week to the meeting of the European Union Finance ministers scheduled for September 7 in Vienna. Bloomberg reported that a draft note for the meeting says that the Finance ministers from the 28 member states will talk about various challenges that are as a result of the fast-growing digital asset economy. These discussions will reveal if the virtual currencies require stricter regulations. Some of these challenges include lack of transparency in the market, tax evasion, money laundering as well as funding of terrorist activities.
Bitcoin price technical picture
Bitcoin made an incredible recovery from $6,700 to trade above $7,000 as reported by FXStreet. The asset corrected even higher above $7,100 and recorded a high of $7,130.97 before a reversal occurred. BTC/USD tried to maintain the support above $7,000 but sellers continued to seek equilibrium following the recent bull run. Bitcoin has broken below the support at $6,900 but it is making a recovery after finding support at $6,800. The stronger support still lies at $6,750 while the journey towards $7,000 will encounter tough resistance at $6,900 and $6,950.
BTC/USD 1-hour chart
Ethereum price technical picture
Ethereum is a down 3.98% on the day after bear reactions kicked in on failure to break above the resistance at $298.1. The bulls made a pullback after ETH/USD tested the key support at $270. The declines found a short-term bearing at $290 but continued below $288. The support at $282 – $283 has also been broken. Ethereum is currently testing the next support target at $276. Declines towards $270 are possible unless the buyers can push the price above $280 in the short-term.
ETH/USD 1-hour chart
Ripple price technical picture
Ripple price recently made a nice recovery and stepped above $0.35. The bullish trend, however, lost steam on touching $0.35. As covered in an earlier FXStreet analysis, the declines broke the trendline support at $0.3467 and several other short-term support zones including $0.330. XRP/USD is currently battling for a support above $0.320 but the trend is strongly bearish, which means that the crypto could test $0.30.
XRP/USD 1-hour chart
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