Bitcoin and Ether Market Update December 17, 2021
Total crypto market cap added $26 billion to its value for the period since Monday and now stands at $2.18 trillion. The top ten coins are mostly in red for the last 24 hours with Polkadot (DOT) and Cardano (ADA) losing 5.1 and 4 percent of their values respectively. At the time of writing bitcoin (BTC) is trading at $47,100. Ether (ETH) is at $3,880.
Bitcoin continued to trade below its 200-day EMA on the daily timeframe at the end of last week. The coin closed the trading session on Sunday, December 12 at $50,000, but the overall volumes were still relatively low compared to the days before the flash crash. Additionally, the price action was looking similar to the one from the end of May to – beginning of June 2021 when BTC was caught in a place with a total absence of buying pressure. It ended the seven-day period 1.5 percent up.
On Monday, buyers were rejected at the mentioned dynamic indicator and the biggest cryptocurrency dropped 6.7 percent to close at the area around $46,680. The entire market was anxiously waiting for the results of the United States Federal Reserve’s Federal Open Committee Meeting (FOMC) on December 14/15. The main points were the continuation of the current bond-buying program and interest rake hike both of which were expected to impact risk assets like stocks and crypto.
The trading day on Tuesday, December 14 was a good one for bulls. BTC climbed up to $48,300 and avoided a new monthly low.
The third day of the workweek came with a push from buyers up to $49,500 even though the results from the mentioned meeting were seen as negative for the digital assets industry. Bitcoin ended the day at $48,800, below the previously solid short-term support at $49,000.
On Thursday, December 16, the BTC/USDT pair was rejected at the mentioned horizontal level and fell down to $47,600.
As of the time of writing, the coin is trading even lower – at $47,100.
The Ethereum Project token ETH climbed up to $4,130 on Sunday, December 12 in its second consecutive day in green after hitting the diagonal trendline around $3,800. The coin also managed to stabilize above the weekly horizontal support and the 100-day EMA.
It ended the previous seven-day period 1.4 percent down.
The ether fell 8 percent on Monday, breaking below the mentioned diagonal and horizontal supports and once again reaching the zone below $3,800.
The altcoin market was bleeding at much higher rates compared to Bitcoin and the mentioned FOMC meeting was keeping most of the traders on the sidelines.
The trading day on Tuesday, December 14 came with a quick jump up to $3,863 as volumes were starting to pick up the pace once again.
The Wednesday session was no different and the biggest altcoin drew a big green candle up to $4,024 driving the rest of the major cryptocurrencies up with it. Some of them posted double-digit gains. ETH went 9 percent up from its intraday low.
On Thursday, December 16 the ETH/USDT pair was rejected at the 21-day EMA and fell down to $3,960, still above the weekly support.
The ETH is trading at $3,870 in the early hours of trading on Friday.