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6 June 2023
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Cryptocurrency Market Update: XRP extends the decline, BTC still lethargic

  • Large traders are responsible for violent market moves.
  • Bitcoin and major altcoins movein tight ranges with bearish bias.

The blockchain research company Chainanalysis found out that professional traders play crucial role in large market movements. They pointed out to the dramatic price swings in March amid COVID-19 outbreak in the North America wthat were controlled by large traders who control the Bitcoin liquidity. 

The on-chain data showed that a maximum of 340,000 people have been active Bitcoin traders on a weekly basis in 2020.  Accounting to the research data, they account for 85% of all the Bitcoin value sent to exchanges; moreover, they treat the coin as digital gold and tend to hold for the long term.

Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment. 

Top-3 coins overview

BTC/USD has been hovering above $9,400 since the start of the day. The coin has stayed lethargic for the best part of the week as the market cannot figure out where to go next. The situation looks dangerious as even a tiny triggger violent movements. The critical resistance is created by $10,000. The support comes at $9,000. 

BTC/USD daily chart

ETH/USD is changing hands at $231.75. The coin is moving within the short-term bearish trend with the local support created by psychological $230.00. The resistance comes at the former channel support at $240.00. We will need to see a sustainable move above this area for the upside to gain traction.

ETH/USD daily chart

XRP/USD came close to $0.1900 amid growing bearish sentiments. The coin has lost 1.4% since the start of the day, but the psychological barrier remains unbroken so far. If it gives way, the sell-off may be extended towars $0.1800. The resistance comes at $0.2000.

XRP/USD daily chart

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