Bitcoin and Ether Market Update: March 5, 2020
Total crypto market cap added $9.4 billion to its value since Monday morning and now stands at $255.6 billion. Top ten coins showed mixed results for the last 24 hours with Bitcoin SV (BSV) losing 5 percent of its value while Tezos (XTZ) added 9.8 percent. At the time of writing bitcoin (BTC) is trading at $8,950 on the Bitstamp daily chart, while ether (ETH) moved to $229 and Ripple’s XRP climbed up to $0.238.
Bitcoin was 9.4 percent down for the month of February. It closed the trading day on Sunday, March 1 without any significant changes in price as it remained in the zone around $8,530. Bears made another attempt to break the $8,400 line, but the level, in combination with the mid-term uptrend line provided the necessary support.
The most popular cryptocurrency started the new trading week positively. It once again moved above the 200-day EMA on Monday, March 2, successfully preserving the uptrend corridor. The coin added 4.7 percent to its value and climbed up to $8,918 in its best session for the last 14 days.
On Tuesday, the BTC/USD pair was rejected right below the previously stable support around Fibonacci retracement level 38.20 ($8,934). It fell down to $8,760.
The mid-week session on Wednesday was a little less volatile. The coin was moving in the $8,854 – $8,654 range during intraday but remained flat at the end of the session.
The 24-h trading volumes literally doubled from Monday to Tuesday morning and peaked at $69 billion during that day. They remained stable until midday on Wednesday when a sudden drop to $51 billion occurred, which was followed by a gradual decline to $36 billion later in the evening.
Bitcoin is slowly but surely making its way back up and from now on its from critical importance for bulls to regain position in the $9,000 – $9,150 area and consolidate there before thanking of an attack of the mid-$9k levels. Downwards, we see $8,400 as really solid support in the mid-term.
The Ethereum Project token ETH closed the second month of the year with a 21 percent increase. On Sunday, March 1, however, it formed a third consecutive red candle on the daily chart and ended the session at $217.
The ETH/USD pair opened the new trading period by skyrocketing all the way up to $235. The coin added 8.7 percent to its value and returned back above the stable $222- $225 support zone.
On Tuesday, March 3, the ether made a correction and fell back to the low end of the mentioned area. It ended the session exactly at $222.
The third day of the workweek came with no significant price movements. The coin was trading in the $220-$228 range and closed with a small gain to $224.
What we need to see form ETH is to stabilize above $230 and then piece by piece to fill the gap up to $270.
In terms of trading volumes, they continued to hover around $17 billion with sporadic ups and downs, still significantly lower compared to the values from the beginning of February.