Bitcoin and Ether Market Update June 25, 2020
Total crypto market cap erased $6.2 billion from its value since Monday morning and now stands at $261.5 billion. Top ten coins are all in red for the last 24 hours with Ether (ETH) and Cardano (ADA) as worst performers with 6.4 and 5.8 percent of losses respectively. At the time of writing Bitcoin (BTC) is trading at $9,151 on the Bitstamp daily chart, while ETH is hovering around $231 and Ripple’s XRP fell to $0.181.
Bitcoin formed a red candle to $9,277 on Sunday, June 21, and erased all of its gains from the previous day ending the seven days below the 50-day EMA. Still, it remained flat for the week.
The BTC/USD pair opened the new trading period by jumping all the way up to $9,700. It successfully surpassed both the horizontal resistance at $9,500 and the diagonal downtrend visible on lower timeframe charts. It also added 4.5 percent to its value in its best session since June 1.
On Tuesday, June 23, the leading cryptocurrency was rejected around the already-mentioned level and made a short pullback down to $9,630, still keeping the price above the support areas.
The mid-week session on Wednesday was a bad one for bulls. The declining volumes on 24-hour basis, which were close to $16 billion compared to $20-$22 as an average for the previous two weeks, in combination with a bearish divergence visible on the relative strength index (RSI), resulted in a drop to $9,300 or a 3.6 percent correction.
BTC continues to slide in the early hours of trading on Thursday, June 25 nearing $9,150 at the time of writing. The current level is seen as a minor support above $9,000. Next target down would be the long-term downtrend line, now situated at $8,900.
The Ethereum Project token ETH continued to slide on Sunday, June 21 and ended the week at $227 with a 1.7 percent loss on a seven-day basis.
The Ether started trading on Monday by making a huge green candle to $243. The move resulted in a 7 percent increase as bulls were even able to push the price up to $247 during intraday – above both the horizontal resistance and the mid-term downtrend line.
On Tuesday, June 23, the ETH/USD pair remained relatively stable, registering a small decline to $242.
On the third trading day of the workweek however, the leading altcoin started to lose positions. It fell down to $234 and erased 3.3 percent of its value in a very volatile session during which it was moving in the $250-$230 range. Still, buyers managed to find stability in the $230 support line and avoided further decrease.
As of the time of writing, the ETH is trading at $232 after falling as low as $226 in the early morning.