Bitcoin and Ether Market Update July 8, 2021
The total crypto market cap lost $71 billion from its value for the period since Monday and now stands at $1.37 trillion. The top ten coins are all in red for the last 24 hours with Ether (ETH) and Dogecoin (DOGE) losing 10.5 and 9.9 percent of their values respectively. At the time of writing bitcoin (BTC) is trading at $32,500. Ether (ETH) is at $2,143.
Bitcoin closed the trading day on Sunday, July 4 at $35,200 after three consecutive sessions in green. The short-term price rally helped the coin move above the multi-timeframe resistance at $34,700 and also to surpass the 21-day EMA. It registered a 1.5 percent growth on a weekly basis as the market volatility was slowly starting to decrease thus allowing more and more traders to re-enter.
On Monday, the BTC/USDT pair, however, fell sharply to $33,700, which resulted in 5 percent being erased from its market capitalization. It touched the $33,160 level during intraday and successfully found support at the uptrend trendline built around the lowest points of the daily candle wicks starting June 22.
The Tuesday session was a volatile one. Bitcoin jumped up to $35,170 in the early hours of trading, but was once again rejected at the mentioned horizontal resistance and partially retraced down to $34,200.
The mid-week session on Wednesday came with another attempt from bulls to climb above that solid barrier, which resulted in a failure and a candle close near the diagonal support.
What we are seeing on Thursday morning is a 4.7 percent correction down to the weekly timeframe support of around $32,300.
The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,
On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.
The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.
On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.
The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. As of the time of writing ETH is at $2,147, 11 percent South of yesterday’s peak.