Bitcoin and Ether Market Update June 10, 2021
Total crypto market cap lost $30 billion to its value for the period since Monday and now stands at $1.66 trillion. The top ten coins are all in green for the last 24 hours with Polkadot (DOT) leading the pack with a 10.7 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $37,900, ether (ETH) moved up to $2,570.
The price of Bitcoin remained almost flat around the $36,000 level on Sunday, May 6, with no drastic changes in the trading direction. Bulls were able to keep it floating above the lower boundary of the triangle (bearish pennant formation) on the 4-hour chart. The coin ended the week with less than a percent of a change for the period.
On Monday, the BTC/USDT pair finally broke the mentioned technical formation and registered a 6.2 percent loss. The coin was trading $36,800 in the early hours of the session but collapsed in the second part of the day.
The selloff continued on Tuesday and the biggest cryptocurrency once again penetrated the sub-$32k support zone. It was trading as low as $31,000 before partially recovering in the evening, eventually closing with a small red candle to $33,350.
The sell orders were quickly absorbed and on Wednesday BTC skyrocketed by 12 percent, engulfing the last 4 candles on the daily chart. It surpassed the important local resistance at $37,00 and ended the session at $37,300.
The BTC/USDT pair is trading higher, at $37,800 midday on Thursday.
The Ethereum Project token was still trading below the 21-period EMA on the daily chart on Sunday, June 6. It was unable to keep the price above that indicator for a third consecutive session after bulls were rejected near the $2,900 horizontal resistance on June 3.
The week was concluded with a 13.4 percent of growth.
On Monday, the ether was moving up and down the $2,900 – $2,550 range before closing in red at $2,590. The trading volumes were not high enough to ensure a reversal to the upside. What is more, bears were using both the dynamic resistance in the form of the leading EMAs and the horizontals to establish sell walls.
The Tuesday session was no different and ETH dropped further to $2,300 during intraday. However, the lower-boundary of the long-term corridor provided the required stability and the price retraced back up to the $2,500 support at the daily close.
The third day of the workweek came with another re-test of the support area. Buyers were prepared this time and managed to push the price a little higher to close the day at $2,600.
What we are seeing midday on Thursday is the ETH/USDT pair hovering in the $2,500-$2,600 zone.