BTC/USD is changing hands below $7,500 amid shrinking volatility. The first digital coin recovered from Wednesday’s drop below $7,000 and touched $7,676 during early Asian hours; however, the upside momentum fated away on approach to a strong resistance area of $7,700-$7,800. BTC/USD has gained 6% on a day-to-day basis and stayed unchanged since the beginning of the day.
Bitcoin confluence levels
Looking technically, there are a lot of barriers clustered below the current price, which means further upside becomes a path of least resistance in the short run. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Ethereum, the second-largest digital asset with the current market value of $16.6 billion, has recovered from Wednesday’s low of $141.40 to trade at $152.40 by press time. The coin has gained over 4.5% on a day-to-day basis and stayed unchanged since the beginning of Thursday.
XRP/USD is changing hands at $0.2250, down from the intraday high of $0.2300. Despite the recovery, the coin is moving within the downside trend capped by SMA50 (Simple Moving Average) 4-hour currently at $0.2305. Looking technically, a sustainable move below this barrier will increase the upside pressure with the next focus on $0.2370.