Posted 2 years ago | by Ben Armstrong
Crypto Markets Stable—Selling Pressure Fades
Crypto Market Reduces Selling Surge: The post-Bakkt Warehouse selling pressure seems to have subsided, and the CCI30 has stabilized around 3,193. The CCI30 is a measure of the world's 30 most valuable cryptos, and it has been trading in a stable range for more than 30 hours at the time of writing. While the CCI30 has fallen as low as 3,175 over the last day, it seems to be bouncing off that level for the moment.
Bitcoin (BTC) is currently trading at $10,134 USD, up more than 1% from 24 hours ago. BTC prices haven't dipped back below the $10,000 USD level over the last day, and seem to be bouncing off the $10,050 USD level.
If BTC prices are able to hold the present levels, and regain $10,500 USD, BTC will have bounced off of the $9,000 - $10,000 USD range four times in the last three months. This seems to suggest that the selling pressure that took BTC down from the $13,000 USD level earlier this summer has passed, and the market will be looking for fresh direction.
Ethereum (ETH) is currently trading at $178.04 USD, basically unchanged from a day earlier. ETH traded near the $175 USD level within the last 24 hours, but it has since rebounded. ETH prices seem to be bouncing around a narrow range that is capped at $178.70 USD, which would make the $179 - $180 USD range worth watching. If that range is broken through with some momentum, ETH prices have plenty of room to run on the upside.
Ripple (XRP) seems to be the odd-one-out among the three biggest tokens by market cap. It is little changed from a day ago, and is presently trading at $0.2533 USD. Unlike BTC and ETH, XRP is hovering around its lowest levels of the past day, which were logged around $0.2525.
XRP hasn't been as strong of a performer this year, so it perhaps it shouldn't come as a surprise that it isn't holding up to what looks a lot like a drawn-out consolidation in a bullish phase for the crypto complex.
Overall the crypto markets(Crypto Market Reduces Selling Surge) seem to be on firm footing, and could remain in a consolidation phase for the near-term. Any major breaks in either direction could dictate the market's bias for the medium term, whether it be higher for a retest of the summer highs, or lower for more consolidation at lower ranges.