Crypto Market Update: Bitcoin’s recovery carries little credibility as long as it is below $6,500

  • All major coins are deep in red on Saturday trading.
  • Bitcoin lost over 5%, critical recovery target at $6,500.

Bitcoin recovers after a slump to $6,072; All major altcoins also regained some ground, though the whole market is still in the red zone. The total market capitalization has settled at $175 billion. The average daily trading volumes climbed to $116, while Bitcoin’s market share is 65.3%

Top-3 coins price overview:

Bitcoin is moving towards a $6,300 barrier, which is considered as one of the local resistance areas. The first digital coin has recovered from the intraday low of $6,072, though it is still in a red zone both on a day-to-day basis and since the beginning of the day. From the short-term perspective, the world’s biggest digital coin has an upside bias, though the volatility is shrinking.

Ethereum dropped below critical $130.00 and touched $125.00 during early Asian hours. By the time of writing ETH/USD has recovered to $128.00, though it is still down over 5% since this time on Friday. The second-largest virtual coin has been moving within a short-term bullish trend, though it still needs to recover above $130.00 to mitigate the bearish pressure.

Ripple’s XRP slipped below $0.1700 to trade at $0.1680 by press time. The third-largest coin has lost 2/5% on a day-to-day basis amid the major sell-off on the cryptocurrency market.

BTC/USD 30-min chart

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