Bitcoin and Ether Market Update October 28, 2021
Total crypto market cap erased $12 billion from this value for the period since Monday and now stands at $2.74 trillion. The top ten coins are all in green for the last 24 hours with Shiba Inu (SHIB) and Dogecoin (DOGE) leading the pack with 37.7 and 23.3 percent of price increase respectively. At the time of writing bitcoin (BTC) is trading at $60,950. Ether (ETH) is at $4,130.
Bitcoin closed the trading day on Sunday, October 24 at $60,963 after making a weekly low during the intraday session by hitting $59,400. The coin was in a pullback mode since it registered a new all-time high on October, 20, trading 9.3 percent below the $67,000 mark.
The leading cryptocurrency ended the seven-day period with a one percent loss but still managed to form a higher high on the weekly timeframe chart.
Some of the leading cryptocurrency traders and analysts shared an opinion for a potential bull trap scenario where late “longs” got trapped at the all-time high breakout which is the main reason behind the recent pullback. “Whale” traders started pushing the price of the BTC/USDT pair down right above $65,000, which led to a series of liquidations.
On Monday, BTC moved 3.8 percent up and reached $63,156, but the overall trading volume was not that big to support a continuation of the uptrend.
Bears once again took over control of the market on Tuesday, October 26, and pushed the price down to $60,600. The move was followed by a second consecutive losing session for BTC during the mid-week trading on Wednesday. The coin lost 7 percent of its valuation for the two days combined but managed to find stability at the 21-day Exponential Moving Average (EMA) on the daily chart.
As of the time of writing this market update, BTC is trading slightly higher, at $60,950.
Bitcoin is currently situated right above the January 2021 and May 2021 highs (the $58,500 – $59,500 zone) which is backed by one of the most actively traded areas according to the VPVR indicator – $58-800 – $54,400 – the next potential line of support for bulls.
The Ethereum Project token ETH ended the last seven-day period right above the September 2021 high – $4,035 after hitting the horizontal support three days in a row. The coin jumped by 6 percent forming a new higher high on the weekly timeframe. It also managed to confirm its presence above the diagonal downtrend line on the daily chart.
On Monday, October 25, the ether climbed up to $4,218 adding 3.3 percent. Bulls then tried to extend the initiated move to the upside but failed to do so on Tuesday when the ETH/USDT pair faced high selling volumes and retraced to $4,142.
The third day of the workweek came with high volatility as the ether was moving up and down the $4,300 and $3,900 before closing with a 5 percent loss at $3,918. Nevertheless, the September high once again proved to be a solid support line where buyers stabilized the price action.
What we are seeing on Thursday is a stable rebound up to the $4,130 zone. However, trading volumes are still lagging behind which suggests unsustainable growth.