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Cryptocurrency

Cryptocurrency Market Update: Bitcoin bulls are intimidated by a strong resistance of $9,700

  • Bitcoin and top altcoins move in sync with the stock markets.
  • The recovery stalled so far, but the longer-term trend remains positive.

The cryptocurrency market recovery has stalled, while stocks are climbing amid conflicting comments from the US officials. The S&P 500 contracts hit a session high, while the European markets have also been dominated by bullish momentum. 

The stock market investors bet on trillions of dollars in stimulus injected by global central banks and dismiss the economic risks related  a resurgence in virus breakouts. Bitcoin stays mostly uncorrelated with the traditional markets; however, the coin tends to grow in sync with equities and other rislky assets.

Top-3 coins overview

BTC/USD touched the area above $9,700 twice in the recent 24 hours; however, the upside momentum is not strong enough to allow the further recovery. The coin has barely moved since the beginning of the day and gained nearly 2% on a day-to-day basis. BTC/USD may be vulnerable to sharp market movements ahead on options settlement. 

BTC/USD daily chart

ETH/USD settled below $244.00 as the upside momentum stalled on Tuesday. The coin is moving within the short-term bearish trend with the local support created by daily SMA50 on approach to $220.00. The resistance comes at the recent high of $253.67. A sustainable move above this area is needed for the upside to gain traction.

ETH/USD daily chart

XRP/USD is still below $0.1900 despite the cryptocurrency recovery across the board. The coin has stayed mostly unchanged both since the start of the day and on a day-to-day basis, however the short-term bias is bearish. The critical resistance is created by the psychological $0.1900 and $0.1915 (daily SMA100) The support comes at Monday’s low of $0.1857, followed by the lower line of the daily Bollinger Band at $0.1815.

XRP/USD daily chart

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