The cryptocurrency market resumed the decline; however, Bitcoin and all major altcoins are still locked in tight ranges as global stocks pare gains amid speculation that the second wave of COVID-19 cases could jeopardize an economic recovery across the globe. Traders are wary of going into the weekend with bullish positions as the situation is too uncertain.
While the cryptocurrency market seems to be decoupling from the stock indices, a massive run to safety may increase the pressure on Bitcoin and other digital assets.
Top-3 coins overview
BTC/USD is moving towards $9,000 after a failed attempt to clear $9,300 on Thursday. The first digital asset is moving within a short-term bearish trend, though $9,000 is likely to serve as a backstop as traders tend to buy on dips below this level. Bitcoin is mostly unchanged since the beginning of the day and down 1.3% in the recent 24 hours.
BTC/USD daily chart
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ETH/USD has settled at $226.50, mostly unchanged both on a day-to-day basis and since the beginning of Friday. The price is moving around the upward-looking daily SMA50, which serves as a pivotal point in the short run. The local resistance is created by $230.00, while the support comes at $216.37 (the lowest level of June 27).
ETH/USD daily chart
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XRP/USD regained some ground within the current range, though $0.1800 is still untouhed. The coin attemted a move above $0.1780 (1-hour SMA200), but the recovery proved to be unsustainable. The important resistance is created by $0.1800, while the support comes at $0.1700.
XRP/USD daily chart
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