Bitcoin and Ether Market Update August 6, 2020
Total crypto market cap added $15.2 billion to its value since Monday morning and now stands at $353.3 billion. Top ten coins were mostly in green for the last 24 hours with bitcoin (BTC) and ChainLink (LINK) being the best performers with 3.2 and 3.1 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $11,688 on the Bitstamp daily chart, while ether (ETH) moved up to $396 and Ripple’s XRP hovers around $0.302
Bitcoin made a significant pullback to $11,069 on Sunday, August 2. Bears were even able to push the price down to $10,550 during intraday, but the previous monthly resistance, now turned support near $10,700 was stable enough. The leading cryptocurrency closed the seven-day period with 11.3 percent of the price increase.
The BTC/USD pair opened the new trading week by climbing up to $11,245. The coin was trading in the $10,900 – $11,450 range, but the decreasing volumes prevented bulls from making a move towards the lower end of the next resistance zone near $11,500.
On Tuesday, August 4, it made a correction down to $11,190 in a low volatility session.
The mid-week session on Wednesday was a good one for buyers and they successfully pushed the price of BTC up to $11,760 surpassing the already-mentioned horizontal barrier. The move resulted in a 5 percent price increase.
As of the time of writing on Thursday morning, bitcoin is trading slightly lower – at $11,688.
In terms of trading volumes, they started to fall on Sunday evening and reached $20 billion on the first trading day of the workweek remaining near these values for the next 3 days.
The Ethereum Project token ETH made a short correction to $371 on Sunday, August 2 after trading in the wide range between $416 – $325 during the day. Still, it managed to preserve the newly established horizontal support at $370 and closed week 19 percent higher.
On Monday, the coin rebounded from the above-mentioned level and formed a green candle to $386, adding 4.3 percent to its value.
The Tuesday session on August 4 was a continuation of the uptrend and the ETH token seemed unstoppable. It climbed to $389, but not before peaking at $403 during intraday.
On Wednesday, it registered its third consecutive day in green and extended the winning streak to $400 already chasing the major resistance zone near $420.
It is also worth noting that the next high monthly close is situated at $430, so ETH bulls have more then 20 days to fill the $30 gap up to that level.
Down we see weekly support at $370 and $335 as the next area of stability.
As of the time of writing, ether is trading at $396 as 24-hour trading volumes continued to slide, reaching $10 billion today, down from $15 billion on Monday.