Cryptocurrency market update: Bitcoin (BTC) and altcoins recovery stalled on approach to key technical levels

Fibo Quantum

  • The cryptocurrency market is range-bound during early Asian hours; bulls are not strong enough.
  • Bitcoin and major altcoins reocovery is limited by technical levels.

The cryptocurrency market has recovered from Sunday’s sell-off; however, the upside momentum has stalled on approach to critical technical levels. Bitcoin and all major altcoins are in the green zone on a day-on-day basis, range-bound with mild bearish bias during early Asian hours. The total capitalization of all digital assets in circulation settled at $327 billion from $330 billion late on Sunday, while an average daily trading volume is registered at $61 billion, mostly unchanged from this time yesterday. Bitcoin’s market share dropped to  62.1%.

Top-4 coins price overview

Bitcoin (BTC/USD) has recovered from $11,143 low hit on Sunday; however, the recovery of the most popular coin is effectively capped by $11,600 handle. BTC/USD has gained over 2% of its value in recent 24 hours and stayed unchanged since the beginning of the day; $11,000 remains a crucial support level for the asset.

Ethereum, the second largest digital asset with the current market capitalization of $32.6 billion, has gained nearly 6% since on a day-on-day basis, though the upside momentum has faded away on approach to $310 barrier. ETH/USD is mostly unchanged since the beginning of the day, moving in sync with the market.

Ripple’s XRP has gained 1.5% since this time on Sunday to trade at $0.3955 by the time of writing. The third largest digital asset with the current market capitalization of $16.8 billion has been hovering below $0.4000 since June 6, as the recovery momentum is nor strong enough to take the price above the critical barrier.

Litecoin (LTC/USD) is locked in a tight range under $120.0. The fourth largest coin with the current market capitalization of $7.4 billion hit $121.21 on Sunday, but the upside momentum faded away. At the time of writing, LTC/USD is changing hands at $119.25, mostly unchanged both on a day-on-day basis and since the beginning of Asian trading on Monday.