Bitcoin and Ether Market Update July 16, 2020
Total crypto market cap erased $4.6 billion from its value since Monday morning and now stands at $269.3 billion. Top ten coins are mostly in red for the last 24 hours with ChainLink (LINK) adding 2.3 percent to its value while Bitcoin SV (BSV) lost 3.8 percent. At the time of writing bitcoin (BTC) is trading at $9,119 on the Bitstamp daily chart, while ether (ETH) moved down to $232 and Ripple’s XRP corrected its price to $0.191.
Bitcoin once again hit the $9,300 resistance line on Sunday, July 12, and closed near that mark. It closed the seven-day period with a 2.5 percent increase.
The BTC/USD pair formed a similar candle, but in the opposite direction on Monday and fell down again to $9,230 after it was rejected near the above-mentioned major horizontal line.
On Tuesday, July 14, it fell down to $9,090 during intraday as bears were able to push the price below the mid-term uptrend line (diagonal support), but bulls successfully recovered in the evening. BTC closed with a small gain to $9,255.
The mid-week session on Wednesday was a bad one for BTC as it moved down to re-test the uptrend line and closed the day at $9,180.Generally speaking, the leading cryptocurrency continues to trade sideways, in an obvious consolidation. The coin is locked in the tight range between $9,300-$9,200 since Friday. Still, buyers manage to keep the price floating above the uptrend and also above the long-term downtrend, which was surpassed for the first time on May 7.
In terms of trading volumes, they hit a weekly low at $14 billion on Sunday then picked up pace on Monday and remained in the $18-$19 billion zone for the next three days.
The Ethereum Project token ETH successfully ended the losing streak on Sunday, July 12, and formed a green candle to $242. Still, the coin remained 6.6 percent down on a weekly basis.
The ether fell down to $239 on Monday after bulls failed to extend the weekend gains up to the zone near $250. The coin dropped below the horizontal support but found the needed stability near the previously stable mid-term downtrend. That line was broken on July 6 and since then is acting like minor support near which the price of ETH is gravitating.
On Tuesday, July 14, the trading session was relatively calm with the biggest altcoin registering a small increase to $240.
The third day of the workweek came with a drop to $238 after the coin tested the diagonal support at $236 earlier in the day.
The 24-hour trading volumes fell to $4 billion on Sunday then moved up to $6.2 on Tuesday and dropped again to $4.5 on Wednesday afternoon.