Bitcoin and Ether Market Update April 8, 2021
Total crypto market cap lost $27 billion of its value for the period since Monday and now stands at $1,913 billion. The top ten coins are mostly flat for the last 24 hours with Binance Coin (BNB) being the biggest gainer with a 5.8 percent of increase. At the time of writing bitcoin (BTC) is trading at $56,735, ether (ETH) dropped down to $1,1997.
Bitcoin failed to break its all-time high last week and after multiple rejections near the $60,000 area, was pushed back down below the weekly resistance zone. The coin closed the previous seven-day period at $58,220, successfully rebounding from the 21-day EMA on the daily timeframe chart on Sunday, April 4. The move resulted in a 4.4 percent increase for the week.
The trading day on Monday was quite volatile and we saw the biggest cryptocurrency once again touching the shortest EMA on our chart at $56,800 before forming a solid green candle to $59,140 in the evening.
It is worth noting that the price was fluctuating in the $59,000 – $55,800 range since March 15 with the only exception being the four-day period between 23-27 March.
On Tuesday, April 6 bulls were once again left emptyhanded, suffering yet another rejection at the $59,000 mark, which triggered a pullback to $57,200 during intraday, and eventually a daily candle close at the weekly open level – $58,100.
The mid-week session on Wednesday was a continuation of the short-term downtrend reversal as BTC continued to slide, reaching the lower boundary of the above-mentioned range. It erased 5.2 percent of its value for the two days of correction.
What we are seeing midday on Thursday is an attempt from buyers to re-capture the 21-day EMA at $56,600, which can serve as a trigger point for new longs. Sellers on the other hand will be looking to set sell orders around that zone.
The Ethereum Project token ETH hit a new all-time high last week, touching $2,146 on April 2, and managed to keep most of the gains before the weekly candle close on Sunday, which helped it add the stunning 23 percent to its valuation.
On Monday, April 5, and Tuesday, April 6, the ETH/USD pair continued to move North and printed yet another highest point of trading – $2,153. The rally, however, looked exhausted as profit-taking activities started to kick in.
On the third day of the workweek, the ether dropped all the way down to $1,927 in the early hours of trading before stabilizing above the previously solid weekly resistance level near $1,943 turning it into support. The uptrend remained intact and even though the coin lost 7 percent, the bullish market structure was not broken.
The leading altcoin is trading slightly higher – at $1,922 as of the time of writing, trying to break above the short-term EMAs on the lower, 4-hour timeframe chart.