Market Overview

XRP/USD Rejected At $0.4100 As The Market Enters Into Another Lull

Share:
XRP/USD Rejected At $0.4100 As The Market Enters Into Another Lull
  • Bitcoin price is stuck in a tight range between $7,500 and $8,100 for more than a week.
  • Technicals suggest that the indecision will last longer than expected.

BTC/USD trading pair is trending 0.28% higher on the day after correcting from lows of $7,822.11. The intraday chart shows Bitcoin having touched highs at $8,078.74 but reverted back under $8,000 and is trading around $7,940 at the time of writing.

Bitcoin has been stuck in a tight range between $7,500 and $8,100 for more than a week now. A brief surge on Monday from the support at $7,500 climbed above $8,000 but failed to break beyond the resistance at $8,100. Besides, Bitcoin bulls lacked the strength to keep the price above $8,000 opening the way for correction to short-term support at $7,700 on Tuesday.

The ‘father’ of cryptocurrencies commands a 24-hour trading volume of $18 billion. The consolidation. The trading volume has declined significantly from the highs above $30 billion posted during May surge. The largest cryptocurrency has a total market capitalization of $148 billion in comparison to $254 billion for the entire market representing a 55.3% dominance.

Despite the stalling, Bitcoin is trading above a short-term trendline on the 1-hour chart. Technicals suggest that the indecision will last longer than expected. The RSI is holding position above the average while the MACD is motionless above the mean line. Therefore, we can expect a breakout eventually especially if Bitcoin spikes beyond $8,000 and clears at $8,100 resistance.

BTC/USD 1-hour chart

Image Sourced by Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

Related Articles

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Benzinga's Top Upgrades, Downgrades For June 13, 2019

Savara Stock In Freefall As Rare Pulmonary Autoimmune Disorder Drug Fumbles Late-Stage Trial