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Cryptocurrency

Cryptocurrency Market Update: Bitcoin fails to grow with stocks and resists going down with gold

  • The global markets are gripped with uncertainty amid mixed signals.
  • BTC and top altcoins are paralyzed in toght ranges.

The cryptocurrency market remains lethargic amid growing uncertainty on the global markets. US stock futures are gaining ground following positive job report; however, the growing number of COVID-19 cases in the US and across the globe darkens the economic horizon. Also, another failed round of Brexit talks adds strains to the market. Dollar is mostly down across the board, Gold is also losing positions due to less acute risk aversion.

Top-3 coins overview

BTC/USD settled above $9,200 after several attempts to return to the previous ra te $9,100-$9,200. Despite the recovery, Bitcoin is mostly unchanged both on a day-to-day basis and since the beginning of the day as the market players are waiting for clear triggers. The support is created by the psychological $9,000, while the upside is limited by the intraday high of $9,286.  A sustainable move in either direction is needed for the momentum to gain traction. 

BTC/USD daily chart

ETH/USD tested area above $232.00 during early Asian hours, but the upside momentum proved to be unsustainable as the coin returned to $229.00 by press time. The upward-looking daily SMA50 at $226.50 serves as a local support for the coin, while the resistance is created by the above0mentioned high $232.00. The coin is locked in the narrow range with the short-term bullish bias amid high volatility.

ETH/USD daily chart

XRP/USD is changing hands at $0.1760. The cryptocurrency died in a claustrophobic range o Thursday as the coin’s swings have barely exceeded 20 pips. The important resistance is created by $0.1800. This barrier separates the price from an extended recovery towards $0.1900. The support comes at $0.1700.

XRP/USD daily chart

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