Crypto asset markets have crept up a little over the past 24 hours but larger-scale patterns on the charts are still bearish.
Total market capitalization is slowly grinding back towards $200 billion [AU$311 billion], but there has been no sign of a major breakout just yet.
According to Coinmarketcap.com, around $6 billion has returned to the space following yesterday’s decline.
Bitcoin is holding around $6,800 and has failed to revisit resistance above $7,000, which means a further dip could be on the cards.
Analysts have identified a head-and-shoulders pattern on the four-hour chart, which could target $6,000 should it break downwards.
— CryptoHamster (@CryptoHamsterIO) April 13, 2020
The daily chart is also bearish, with BTC now trading well below the 50-day moving average following the death cross this time last month.
Ethereum is nudging back towards $160 with a 2.5% gain on the day but it, too, needs to break resistance to register any significant gains.
Today’s top altcoin is Binance Coin, which has printed an impressive 11% pump on the day to top $15. The launch of its Bitcoin options contracts may have driven the momentum.
The rest of the altcoins are making a couple of percent each, but the trend over the past week or so has been down.