Bitcoin and Ether Market Update September 24, 2020
The total crypto market cap lost $25.7 billion of its value since Monday morning and now stands at $322.2 billion. Top ten coins showed mixed results in the last 24 hours with Ripple’s XRP losing 3.4 percent of its value while Polkadot (DOT) added 4.1 percent. At the time of writing bitcoin (BTC) is trading at $10,311 on the Bitstamp daily chart, while the ether (ETH) dropped to $325. Ripple’s XRP is at $0.23.
Bitcoin was rejected at the horizontal resistance near $11,100 on Sunday, September 20, and fell down to $10,930 after staying four consecutive days above $10,700.
Still, the coin added 5.8 percent to its value for the seven-day period and avoided further decrease at least temporarily.
The BTC/USD pair opened the new trading period on Monday by forming a huge red candle. It dropped all the way down to $10,407, hitting the 100-day EMA. The leading cryptocurrency hit a daily low at $10,280 and erased 4.7 percent of its value as the short-term bullish reversal came to an end.
Most importantly, BTC lost the monthly support area between $10,600-$10,700.
The Tuesday session found bulls struggling to regain positions as they failed to break above the $10,600 line. Bitcoin closed the day at $10,530.
The mid-week session on Wednesday, however, was not that good as the buying momentum was not strong enough. The coin fell below the mentioned EMA and closed the day with a big loss to $10,233, not before touching $10,100 during intraday.
In terms of trading volumes, they started to climb on Sunday afternoon reaching $24 billion by Tuesday morning, which corresponded to a 33 percent increase then dropped back to $18 billion on Wednesday as BTC entered a consolidation.
The Ethereum project token ETH continued to slide on Sunday, September 20 and closed the day and the week at $371, or in the middle of the support zone. The coin lost $13 from its value but registered a 1.5 percent increase for the seven-day period.
The first day of the new trading week found the ether dropping further down to $340. The move resulted in an 8.3 percent price correction and a drop below the $350-$360 support zone.
On Tuesday, September 22 the biggest altcoin stabilized near $344 and avoided further losses after trading near the last visited low of $334 (September 5). The level provided the required support in the early hours of trading.
The Wednesday session was quite bad for buyers. The ETH/USD pair followed the example of BTC and dropped down heavily. It stooped at $320, hitting $310 late in the evening.
The 24-hour volumes moved up from $9 to $15 billion from Sunday to Tuesday, then started to fall hitting $10 billion on the third day of the workweek.