Bitcoin and Ether Market Update May 27, 2021
Total crypto market cap erased $200 billion from its value for the period since Monday and now stands at $1.73 trillion. The top ten coins were mostly flat for the last 24 hours with just Polkadot (DOT) registering a 3.3 percent of a price increase. At the time of writing bitcoin (BTC) is trading at $39,200, ether (ETH) is hovering around $2,782.
Bitcoin closed the trading day on May 23 at $34,688 or 7.4 percent down for the day. The biggest cryptocurrency lost 25 percent of its value on a weekly basis, making it 46 percent of a pullback since its all-time high value of $64,975 registered on April 14.
The Sunday session was the last attempt from bears to deliver a final blow to Bitcoin and push it below $30,000. The coin was trading as low as $31,100, but the overall selling activity and downtrend strength were starting to decrease. Not only that but Tesla’s very own Elon Musk announced he had joined forces with Microstrategy’s Michael Saylor to work on a more environment-friendly solution for bitcoin mining.
The BTC/USD pair started moving upwards on Monday, adding 11.26 percent to its value for the day and successfully surpassing the $38,000 mark.
On Tuesday, the coin moved up to $40,192 during intraday but retraced back down to $38,350 to form a small red candle.
During the mid-week session on Wednesday, the biggest cryptocurrency climbed up to $40,885, hitting the 200-day EMA on the daily chart, but once again it lacked the necessary momentum to preserve its gains. It closed at $39,105.
On Thursday, the BTC/USDT pair is moving up and down the $39,500 -$37,500 range not being able to choose a direction.
The Ethereum Project token ETH registered a daily low of $1,729 on Sunday, May 23 – its lowest since the most recent correction began. The coin erased 8.3 percent for the day and 41 percent on a weekly basis. What is worth noting is that it managed to keep its price floating above both the 21-day EMA on the Weekly chart and the lower boundary of the uptrend corridor– important indicators for the mid to long-term trend direction.
On Monday, the ether drew a solid green candle to $2,652, growing by 25 percent for the session.
The move was followed by a second consecutive day on positive territory for the leading altcoin. On Tuesday, it hit the 50-day EMA at $2,975 while also touching a daily low of $2,374 at some point during the trading day. Still, it managed to stabilize and end the session at $2,700, above the $2,500 support zone.
On the third day of the workweek, the ETH/USDT pair continued to rally. It climbed up to $2,922, near the 21-day EMA, but faced a significant resistance their which forced it to retrace a little.
Some of the major altcoins were printing an inverted head and shoulders pattern on the lower timeframes which is a bullish pattern once the second shoulder pullback is confirmed.
Bears are in control on Thursday morning and the ETH token is trading 4.3 percent lower.