Cryptocurrency Market Update: Bitcoin bears return for revenge ousting pre-halving stability
Crypto News

Cryptocurrency Market Update: Bitcoin bears return for revenge ousting pre-halving stability

  • Cryptocurrencies commence the week in the red after a stable weekend session.
  • Bitcoin finds support at $8,535 but will the bulls be able to sustain gains to $9,000?
  • Ethereum holds above the support at $195 while Ripple renews the bullish trend above $0.21.

It is a bears’ field in the cryptocurrency market on Monday following a stable weekend session. The bullish action last week has turned bearish as though sellers are back to force a reversal ahead of the halving in less than a week. Among the major coins, the worst-hit coins is Ethereum. Other digital assets recording more losses include EOS (-5.28%), Bitcoin Gold (6%), Dash (-5.41%) and Litecoin (-4.52%).

BTC/USD has corrected lower 2.82% lower on the day to trade at $8,656. With the prevailing trend is bearish amid high volatility. An intraday low has been formed at $8,535 (short term support). If the price continues to hold above $8,600, then Bitcoin bulls can shift the focus back to $9,000. Meanwhile, RSI shows that the bearish grip is strengthening. On the other hand, the MACD keeps buyers’ hope for recovery alive. In addition to the support at $8,535 and $6,600, more support levels lie with the 200-day SMA at $8,000, the trendline and the 50-day SMA at $7,000.

Chart of the day: BTC daily

BTC/USD price chart

ETH/USD is flirting with $199 after correcting from an intraday high of $210.82. Losses are likely to continue increasing during the European session. If the support at $195 holds, Ethereum bulls could shift focus on stepping above $200.

XRP/USD has also not been spared by the increasing selling activities. Ripple is down 3.04% on the day and trading at $0.2128. Unlike, Bitcoin and Ethereum, Ripple is gradually returning to the bullish trend. With the volatility high, the losses posted could be correction.




FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.