Bitcoin and Ether Market Update August 26, 2021
Total crypto market cap erased $158 billion from its value for the period since Monday and now stands at $2.06 trillion. The top ten coins are mostly in red for the last 24 hours with just Binance Coin (BNB) posting some gains with a 1.9 percent of increase for the period. At the time of writing bitcoin (BTC) is trading at $46,980. Ether (ETH) is at $3,099.
Bitcoin closed the trading day on Sunday, August 22 at $49,300 after hitting a daily low of $48,000 during intraday. The coin added 4.6 percent to its valuation on a weekly basis, which made it a total of 5 consecutive weeks in green.
On Monday, the BTC/USDT pair registered a new three-month high by reaching $50,577. The momentum, however, was not strong enough and the move was almost fully retraced later in the session. Some analysts called a blow-off top pattern an indicator of a potential reversal. What is more, the RSI index continued to draw lower lows thus confirm the bearish divergence spotted a week or two ago.
The biggest cryptocurrency fell below the diagonal uptrend for the second time in the last seven days on Tuesday, August 24. The coin formed a solid red candle to $47,735 and erased 3.8 percent of its value.
The mid-week session on Wednesday brought some relief as bitcoin jumped back up to $48,990. The move did not look quite sustainable as both the volume and the money flow indicators were decreasing.
What we are seeing midday on Thursday is a significant selloff and price hovering around the $47,000 level after a sudden 4.4 percent drop registered during the Asian session.
The Ethereum Project token ETH remained relatively flat in the zone around $3,230 on Sunday, August 22, and in general, was struggling to continue the rally that started a few weeks ago. The biggest altcoin has been trading in the $3,000 – $3,320 area since August 8 without being able to make a breakthrough in any of the two directions.
It ended the last week with a 1.77 percent loss.
On Monday, August 23 though, bulls managed to push the price up to $3,374 and print a new local high. The move was partially retraced later in the session.
The second day of the workweek came with a 4.7 percent pullback down to $3,160 as the majority of the leading indicators were already pointing towards a reversal, just like in the case of bitcoin.
On Wednesday, August 25, the ether fell down to $3,037 in the first part of the session, but found stability at the 21-day EMA and quickly rebounded, eventually closing in the green.
As of the time of writing, the ETH/USDT pair is trading significantly lower, at $3,100 or 3,9 percent down from last day’s closure mark.