Bitcoin ravaged through the support at $11,000 yesterday as a reaction to the relief in the financial markets. Another asset that suffered is gold as it dumped over 0.6% to trade around $1,500. The two assets have been regarded as reliable hedgers against the stock market that has been taking the heat from the trade war between the United States and China.
Ripple like many other altcoins on the market weathered down the negative pressure across the market quite well. On the other hand, Bitcoin plunged more than $800 after breaking the support at $11,000.
The third-largest cryptocurrency with a market capitalization of $12 billion is still walloping in bear pressure. For instance, the data on CoinMarketCap shows XRP having lost 1.8% of its value in the last 24 hours. At the same time, the crypto live rates by FXStreet show trading 1.3% lower on Wednesday.
The bear pressure affecting Bitcoin is finally catching up with Bitcoin Cash (BCH). The crypto managed to extend the weekend winning streak from the weekend low around $302.38 to a weekly high at $358.49. The initial break above the 50 Simple Moving Average (SMA) at $318 clearly signaled for more buying entries. Tremendous support occurred on stepping above the 100 SMA as well.