Tuesday started with the bounceback of the cryptocurrency market; however, by the end of the day, bears have seized the initiative.
Top coins by CoinMarketCap
Bitcoin (BTC) keeps falling despite short-term growth impulses. The decline over the last day is by 22%.
BTC/USD chart by TradingView
After a false breakout of the $42,000 zone, bulls are not showing any efforts to return the price to the bullish channel. In addition, the buying trading volume is low, confirming the power of bears.
As the MA 200 has not been tested on all exchanges, there is a chance to see one more decline to the zone around $39,700 shortly.
Bitcoin is trading at $43,564 at press time.
Ethereum (ETH) is showing better price dynamics than Bitcoin (BTC) as the rate of the chief altcoin could even rise by 2% over yesterday.
ETH/USD chart by TradingView
Ethereum (ETH) is neither bullish nor bearish as the coin keeps trading in a sideways range. The second most popular crypto is trading above the MA 200 on the 4H chart, which means that bears have not seized the initiative yet. Thus, the selling volume has significantly declined. That is why the more likely price action for Ethereum (ETH) is consolidation in the area of $3,200-$3,400.
Ethereum is trading at $3,356 at press time.
XRP is the second-fastest-growing coin today from our list, as its rate has gone up by 5.75% over the last 24 hours.
XRP/USD chart by TradingView