Bitcoin and Ether Market Update: April 3, 2020
Total crypto market cap added $21.6 billion to its value since Monday morning and now stands at $190.1 billion. Top ten coins are all in green for the last 24 hours with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the biggest gainers with 5.7 and 4.6 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $6,789 on the Bitstamp daily chart, while ether (ETH) moved up to $142 and Ripple’s XRP is hovering around $0.178.
Bitcoin formed its third consecutive red candle on the daily chart on Sunday, March 29 and closed at $5,865. The coin was 1 percent up on weekly basis.
The leading cryptocurrency avoided a drop to $5,500 on Monday and successfully recovered its position above $6,000, also breaking above the fast 20-day EMA. Bulls managed to push the price all the way up to $6,393 in the evening, which resulted in a 9 percent increase for the day.
The BTC/USD pair was trading right below the major S/R line at $6,400 and was ready to once again test it. The level was surpassed on Tuesday, March 31, but the low volatility session was only enough to ensure a small gain to $6,420.
Bitcoin closed the month of March with a 25 percent loss.
The mid-week session on Wednesday was again a good one for buyers. Their favorite coin stormed pass $6,400 and stopped at $6,642 in its third straight winning session this week.
On Thursday, April 2, BTC finally broke up from the $6,900-$7,000 zone and peaked at $7,235. In the later hours of trading, though, it lost momentum and dropped back to $6,811 closing with 2.5 percent increase.
The 24-hour trading volumes increased from $30 billion on Monday morning up to $36 billion on Tuesday, then fell back to $30 billion on Wednesday, which perfectly matched the short-lived bull run. They started to pick up on Thursday and reached a week high at $50 billion on Friday morning.
The Ethereum Project token ETH made another step down on Sunday, March 29 and closed the week at $123 with a 1.6 percent increase for the period.
The ETH/USD pair opened trading on Monday by forming a similar candle on the daily chart, but in the opposite direction. It recovered its position near $132 and added 7.3 percent to its value. What we saw was a perfect rebound from the lower end of the short-term uptrend channel, which also resulted in a move above the fast 20-day EMA.
On Tuesday, March 31, the leading altcoin continued with its good performance and climbed up to $133. The ether bulls were already looking for a breakout of the $120 -$150 zone they’ve been stuck in for more than 3 weeks.
The third day of the workweek was yet another successfully session for the ether. It reached $136, confirming the short-term upward movement.
On Thursday, April 2, it added another 3.6 percent or $5 after climbing to $141. Buyers were even able to push price up to the psychological level of $150 during intraday, but were not able to keep up with the momentum and started losing ground in the evening hours.