Bitcoin Eyes Crucial Support, Ripple Steadies By

© Reuters. – Bitcoin was roughly unchanged on Tuesday as traders appeared wary of initiating bullish bets on the popular digital currency amid ongoing bearish sentiment.

fell 0.62% at $7,882 on the Bitfinex exchange.

Bitcoin had rallied to a high of $8,277.8 but quickly gave up gains amid a lack of demand to support a sustained move higher as recent price rallies in the popular digital currency have been used as selling opportunities.

Data from confirmed the bearish sentiment witnessed in the wider cryptomarket as the total cryptocurrency market cap hovered above $300 billion – at the time of writing – after dipping below that level intraday.

“The declining overall market cap is a reflection that people are withdrawing capital from the space,” said Craig Erlam, senior market analyst at Oanda.

Some have suggested that bitcoin is set to drop to price levels believed to offer technical support – price levels that trigger buying – close to $7,240 but warned if broken then the popular digital currency could test its Feb. 6 low of $6,000.

shrugged off the negative sentiment on cryptocurrencies to rise 0.24% to $0.57938 on the Poloniex exchange. , meanwhile, fell 3.84% $456.49.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.