Bitcoin and Ether Market Update October 8, 2020
The total crypto market cap lost $6 billion of its value since Monday morning and now stands at $333 billion. The top ten coins are mostly flat for the last 24 hours. Bitcoin SV (BSV) was the best performing asset in the Top 10 list, adding 3.4 percent to its value. At the time of writing bitcoin (BTC) is trading at $10,625 on the Bitstamp daily chart, while the ether (ETH) fell to $339. Ripple’s XRP is hovering around $0.245.
Bitcoin closed the trading session on Sunday, October 4 by rebounding from the 100-day EMA at $10,544. The coin moved up to $10,670, but still lost 1 percent of its value on a weekly basis. On the other hand, bulls managed to avoid a drop below the important $10,600-$10,700 S/R zone at the beginning of the new month.
On Monday, the BTC/USD pair extended its good performance and climbed to $10,795. The next resistance area in front of the leading cryptocurrency was situated in the $11,000-$11,100 range.
What we saw on Tuesday, October 6, however, was an unexpected pullback. BTC corrected its price down to $10,604 and erased 1.7 percent of its value. It was trading as low as $10,524 during intraday.
The mid-week session on Wednesday was a good one for buyers as their preferred cryptocurrency once again found support at the mid-term EMA and jumped up to the middle of the resistance zone, forming a short green candle to $10,666.
The 24-hour trading volumes remained stable at around $16 billion on Monday then started to pick up the pace and reached $19 billion on Wednesday morning. What followed was another drop to $16 billion in the early hours on Thursday.
The Ethereum project token ETH moved up to $352 on Sunday, October 4 closing the seven-day period with a 1.4 percent loss. Bulls were able to stabilize above the local horizontal support at $335.
On Monday, the ether was trading in the $348-$355 zone, but ended the session almost flat, with a negligible increase of a less than a dollar.
The ETH/USD pair was rejected at $355 on Tuesday, October 6, and fell all the way down to $340, which resulted in a 3.6 percent correction.
The third day of the workweek came with a temporary drop below the $335 support line during intraday. Still, the biggest altcoin found stability in the evening and closed the day at $342. This time though, the 100-day EMA served as dynamic resistance in front of buyers.
In terms of trading volumes, they were hovering around $9 billion on Monday and Tuesday then jumped up to $11.2 on Wednesday morning.