Bitcoin Surges Above $3,400 Amid Mixed Sentiments

Nobody will deny the fact that the cryptocurrency market is a mixed picture on Wednesday. Bitcoin price fell yesterday extending losses to $3,341.

However, the dominating cryptocurrency managed to recover above $3,400 level by the time of writing to stay unchanged on a day-to-day basis.

The total value of all digital currencies in circulation stays at $113B, which is off the Tuesday low of $111B.

Cryptocurrency experts abstain from over optimistic short-term forecasts during weak fundamental backdrop and sour sentiments, dampened by ETH decision.

The co-founder of CryptoCompare, Charles Hayter, commented –

“There’s just no catalyst to push it higher at the moment. The macro backdrop isn’t great, and the ETF decision has dampened enthusiasm.”

Also, he added that the trading volumes would grow in the coming weeks as the market would revive after the December lull.

Ripple

Ripple’s XRP stays marginally above $0.2900 level. The coin is recovering from the recent low of $0.2862 during the increasing short-term volatility.

XRP/USD may get to $0.30 handle in case of the upside momentum gains traction during the day.

Yesterday, there was a significant upside correction for Ripple from $0.2776 low in price against the USD.

The pair of the two traded above the $0.2800 and $0.2850 levels. Also, it moved above the 38.2% Fib retracement level of the last plunge from the $0.3070 high to $0.2776 low.

However, the price failed to gain strength above the $0.2950 resistance and remained below the 100 hourly simple moving to average.

Later on, there was a slight fresh decline and the price traded below $0.2900.

Ethereum

Ethereum is sitting at $105.63, unchanged both on a day-to-day basis, as well as since the beginning of Wednesday.

The coin has recovered from $103.73, but the further upside is just limited because of the strong technical resistance right above the current price.

Low volatility during short-term bearish sentiments is most likely to hamper Ethereum bulls attempts to get the price above $106.00 level.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.