Bitcoin and Ether Market Update April 1, 2021
Total crypto market cap added $73 billion to its value for the period since Monday and now stands at $1,892 billion. The top ten coins are all in green for the last 24 hours with Filecoin (FIL) and Polkadot (DOT) leading the pack with 39 and 10 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $58,570, ether (ETH) moved up to $1,1926.
Bitcoin was on its way up ever since it hit $50,372 on March 25. This was the lowest point of the 18 percent correction that started 12 days earlier.
The biggest cryptocurrency reached the 100-day EMA on the 4-hour chart on Sunday and after two consecutive days in green, closed flat for the day. This resulted in a total loss of 3 percent on a weekly basis.
On Monday, March 29, the BTC/USD pair made another leg up, using the short-term EMAs on the daily timeframe as support. It touched $58,400 during intraday before closing at the previous weekly open and significant horizontal resistance zone near $57,400.
The move was followed by another solid green candle on Tuesday and bitcoin climbed up to the last major resistance zone below the all-time high – $58,800.
The mid-week session was again a positive one for buyers as the leading digital asset peaked was trading in the wide range between $56,760 and $59,850 before closing flat for the day.
Bitcoin ended the month of March with a 29 percent of price increase.
The coin restored the mid-term uptrend thanks to the good news coming from VISA and PayPal as the two companies announced crypto-friendly services. However, looking at the technical indicators and chart formations it is worth mentioning that we are dangerously close to a double top formation on the 4-hour chart, combined with a bearish divergence on the lower 1-hour timeframe.
The Ethereum project token ETH was rejected at the 21-day EMA near $1,715 on Sunday, March 28, and closed with a short red candle to $1,691. It was 5.2 percent down for the seven-day period as a direct result of the price pullback registered during the first three days of the week.
On Monday, the leading altcoin started trading by skyrocketing all the way up to $1,819. It surpassed the previous weekly open level and the psychological level of $1,800 to end the session 7.7 percent higher.
On Tuesday, March 30, the ETH/USD pair drew a second straight green candle on the daily chart and extended its gains up to $1,844. Here the ether bulls were about to face really solid horizontal and diagonal resistances coming from the previous high registered on March 13.
The third day of the workweek came with a break above that zone. Buyers managed to consolidate around the $1,780 in the early hours of trading then pushed the price up to $1,920 at close.
The ETH token was 34 percent up on a monthly basis.