Cryptocurrency Market Update: Bitcoin breakdown to $6,000 awaiting confirmation, Ethereum and Ripple in consolidation

• Bitcoin must break the resistance at $7,000 to avoid a possible bearish reversal targeting $6,000.
• China National Blockchain Committee finally put in place and comprises of 71 members.

The cryptocurrency market is facing heightened volatility after a four-week winning streak culminated in a bearish momentum over the week. At the time of writing, the bulls who dominated the market during the Asian hours are slowly being ousted and sellers taking over. Expanding volatility, especially for the major cryptos points at a major drawback is around the corner.

BTC/USD is trading at $6,846 after adjusting from $6,862 (opening value). During the Asian session, Bitcoin buyers stamped down their feet as they pulled the price towards $7,000. However, a high reached at $6,832 marked the end of the bull-run. Looking at the 4-hour chart, BTC/USD is dancing below a bearish pennant pattern whose support was shattered over the weekend following the retreat from $7,500 to $6,575. Unless Bitcoin bulls pull above $7,000, a bearish cloud will continue to hang above BTC and threaten to have support at $6,000 retested. For now, the price is dancing between the 100 SMA support and the 50 SMA resistance.

ETH/USD continues to struggle with increased selling activities at $160. Little progress has been made northwards from $156.77 (opening value). Instead, ETH/USD is trading at $156 amid a bearish trend and expanding volatility. It is apparent that Ethereum has to break the resistance at $160 to be able to forge another breakout above $170.

XRP/USD happens to be the worst-hit among the top three cryptos. It has lost over 2% on its value on the day. Ripple has a market value of $0.1842 after adjusting from $0.1880 (opening value). While support at $0.1800 is still in place, resistance at $0.1900 is proving to be an uphill task. However, another break above $0.20 will give the bulls a fighting chance towards $0.30.

Chart of the day: BTC/USD 4-hour

China announces members of its national blockchain committee”

The Chinese government has released the list of members making up its blockchain committee. The committee is tasked with coming up with industrial blockchain standards. It is made up of 71 members and interestingly, executives members from Chinese tech firms been included such as Baidu and Tencent, and Huawei. The committee is chaired by the country’s Ministry of Industry and Information Technology (MIIT) deputy minister Chen Zhaoxiong assisted by five vice presidents.