The leading cryptocurrency markets are attempting to reclaim the losses incurred during Tuesday’s dip, with many crypto assets having rebounded to currently trade above last week’s support zone. In other market action, RVN has been among the top performing markets of the last fortnight, up 145% since Feb. 24.
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BTC Bounces to Test Previous Support Zone
Bitcoin core produced a 2% bounce today, reclaiming much of Tuesday’s losses. Presently, BTC is testing resistance at last week’s support range of approximately $3,900 on Bitfinex and $3,800 on Bitstamp. When measuring from the Feb. 8 bounce, BTC appears to be testing resistance at the 0.382 Fibonacci retracement area after bouncing off support at the 0.5 Fibonacci area.
The stochastic RSI shows disparity across the larger timeframes, with the markets potentially appearing overbought on the weekly and three-day charts, with the stochastic RSI sitting above the 80 threshold, and appearing oversold below the 20 threshold on the daily chart.
BTC currently has a market capitalization of $68.29 billion and dominance of 51.8%.