Bitcoin and Ether Market Update October 29, 2020
Total crypto market cap lost 1.4 billion of its value for the period since Monday morning and now stands at $395.2 billion. The top ten coins were mostly in red for the last 24 hours with Polkadot (DOT) and Litecoin (LTC) being the worst performers with 5.6 and 5.2 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $13,296 on the Bitstamp daily chart, ether (ETH) moved down to $392. Ripple’s XRP also fell to $0.246.
Bitcoin was trading as high as $13,370 on Sunday, October 25, but bulls were not able to keep up with the pace from the previous days and took a short break. This allowed the leading cryptocurrency to correct its price down to $13,030 at the end of the session. Still, it closed the week with a 13.2 percent of increase and kept floating above the horizontal support at $12,800.
On Monday, the BTC/USD pair was extremely volatile, moving up and down in the $13,240-$12,780 zone before forming a short green candle to $13,075.
The trading day on Tuesday brought an unexpected continuation of the uptrend. The technicals were pointing to a short consolidation period after BTC successfully surpassed the resistance area on the daily chart as well as the psychological level of $13,000. The recent surge in the price of bitcoin, however, attracted more retail investors to the markets, which resulted in a 4.3 percent jump to $13,650.
The coin broke into the $13,800-$13,900 monthly resistance area for the first time since June 2018. The last time the coin closed above $13,700 on both the daily and monthly chart was in January the same year.
Bitcoin failed to print a new high on the mid-week session on Wednesday, October 28, and made a sharp pullback down to $13,254 erasing 3 percent of its value.
The next horizontal support down is without a doubt the previous resistance at $12,800.
The 24-hour trading volumes registered a stable increase from $18 to $28 billion for the first three days of the week.
The Ethereum Project token ETH failed to break above the $420 level for the fourth consecutive day, and on Sunday, October 25 fell down to $405. The “ether” was 7.1 percent up on a weekly basis.
It opened the new trading period on Monday by dropping further to $392. The move resulted in a 3.2 percent loss for the coin, which was now looking at the previous monthly horizontal resistance at $390 to provide the required stability for a trend continuation.
On Tuesday, October 27, it bounced back from the mentioned level and formed a green candle to $404. Still, bulls could not register a new high and were starting to lose momentum.
The Wednesday session was proof of that. The ETH token continued to slide and moved below the support line, closing the day at $388 with a loss of 3.7 percent.
In terms of trading volumes, they peaked at $14 billion on Tuesday, literally doubling the weekend numbers then fell to $10 billion in the evening and on Wednesday.