Cryptocurrency Market Update: Bloodbath as Bitcoin shoots under $9,000, Ethereum and Ripple bleed

• The cryptocurrency market loses $10 billion in capitalization following widespread losses.
• Bitcoin price seeks support above $9,000 following a dip to $8,988.56 (intraday low).
• Ethereum price recovers above $230 following a devastating slump from Wednesday’s highs above $249.

The entire cryptocurrency market is trying to come up for air in red rough waters on Thursday during the Asian session. The bearish wave that started on Wednesday spilled over, triggering another crypto selloff. $10 billion in market capitalization has been wiped off in less than 12 hours from $275 billion to $265 billion. On the other hand, the reported trading volume has surged by $10 billion from Thursday’s $58 billion to the current $68 billion, highlighting the extent of the selloff.

Bitcoin price update

BTC/USD is trading 2% lower on the day after extending losses from $9,287 (opening value) to $9,125 (market value). The trend remains strongly bearish despite recovery from intraday lows at $8,988.56. Shrinking volatility and low volume means that recovery will continue to be limited in the coming sessions.

The 2-hour chart clearly shows that sellers have the upper hand. The RSI is still buried in the oversold region. Moreover, the MACD features a bearish divergence within the negative zone. If the technical picture fails to improve in the coming European session, BTC/USD could extend the losses below the tentative support at $8,900. However, the short term oversold conditions could also be signaling an incoming recovery above $9,200.

Related reading: Bitcoin Market Update: BTC/USD free-falls under $9,000 as $8,000 comes calling

BTC/USD 4-hour chart

Ethereum price update

Ethereum followed in the footsteps of Bitcoin dropping from Wednesday’s highs above $249 to $227 (intraday low). At least 1.84% of Ether’s value has gone down the drain from the opening value of $234. For now, ETH/USD is trading at $230 and if bulls are able to hold above this level, then focus could eventually shift to $240 and $250 respectively.

The 4-hour chart places Ethereum under the moving averages. Recovery towards $240 will encounter resistance at the 50 SMA currently at $233.71 and 100 SMA at $235.79. As long as the 50 SMA stays under the 100 SMA, we can expect bears to have the upper hand. Besides, the RSI has dropped closer to the oversold (30) while the MACD can barely hold above the midline (0.00).

ETH/USD 4-hour chart

Ripple price update

Ripple has also not been spared as it tumbled under $0.1800 for the first time since May 10. XRP/USD has recovered slightly to $0.1806 but the trend remains bearish. On the upside, additional gains will be limited at $0.1928 (50-day SMA) and the 100-day SMA at $0.1988. Holding above $0.18 is key for the next run-up above $0.20 but for now, sideways trading is likely to take point as per the MACD.

XRP/USD daily chart