The cryptocurrency market has turned to red after yesterday’s sharp decline, and all of the top 10 coins are under a bearish influence.
Bitcoin (BTC) has lost the least from today’s list as its rate has declined by 12.15%, which is less than the fall of the other coins.
On the daily chart, Bitcoin (BTC) has almost touched the support at $42,335 and bounced back from it. The fall has been supported by a rising trading volume, which means that sellers may have fixed their short positions. In this case, one can expect a retest of the vital zone around $50,000 by the end of the week.
Bitcoin is trading at $46,530 at press time.
The fall in the price of the flagship cryptocurrency has led to a decline in price for all of the highly liquid altcoins. Yesterday, Ethereum’s (ETH) price was unable to continue the struggle to update the monthly high. During the day, the pair rolled back close to the psychological support of $3,000 but, before the end of the day, the price managed to bounce back to the $3,500 area.
This morning, the pair is trying to gain a foothold in a sideways range. But if the bearish pressure intensifies, the Ether price may retrace below $3,000. In this regard, the nearest strong support would be in the area of $2,800.
If the market begins to gradually recover after yesterday’s rollback, then the ETH price can return to the area of the two-hour EMA55.
Ethereum is trading at $3,393 at press time.
Yesterday, the XRP price fell and pierced the psychological level of $1, marking a minimum at $0.95. At the same time, the rebound was quite high, and the pair was able to gain a foothold in the area of the POC line.
If buyers continue to recover, the pair may try to return to the average price area—to the two-hour EMA55.
If large sales continue, then the price of XRP can roll back below the support of $1 per coin.
XRP is trading at $1.07 at press time.