Bitcoin and Ether Market Update April 29, 2021
Total crypto market cap added $119 billion to its value for the period since Monday and now stands at $2.1 billion. The top ten coins are mainly in green for the last 24 hours with Cardano (ADA) and Binance Coin (BNB) leading the pack with an 8.3 and 6.3 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $54,300, ether (ETH) climbed to $2,765.
Bitcoin closed the previous trading week with a 12.8 percent loss after hitting its lowest point for the last 50 days on Sunday, April 25. Bitcoin dropped as low as $46,937 during intraday but managed to recover to $49,186 before the candle close.
A combination of factors impacted the market and caused the most recent correction. Among these, we can distinguish the exhaustion of the uptrend combined with the lack of momentum strength and the renewed regulatory uncertainty.
The BTC/USD pair started trading on Monday by forming a solid bullish engulfing candle on the daily chart and completely erasing the losses from the period between Thursday and Sunday. The coin added 9.7 percent to its value and climbed back above the $51,500-$52,000 support zone.
The move was followed by another strong green session on Tuesday. Bulls continued to push forward and the leading cryptocurrency hit the 21-day EMA at $55,500 before closing at $55,000.
The mid-week session on Wednesday was no different and bitcoin reached the above-mentioned indicator, eventually ending the day at $54,892 after trading in the wide range between $56,500 and $53,700.
The next target in front of buyers will be to surpass the solid S/R level at $56,000, then climb up to the upper boundary of the old range at $59,500.
What we are seeing on Thursday is BTC trading lower, at $54,200.
The Ethereum project token ETH hit its lowest point during last week’s correction on April 23 when it touched $2,106. On Sunday, it rebounded from the 21-day EMA on the daily chart and initiated an upside reversal using it as a dynamic support. The ether was 3.3 percent up for the previous seven-day period – its fourth consecutive week in green.
On Monday, the ETH/USDT pair continued to march North and added yet another 9.4 percent to its value. This led to the highest ever daily candle close at $2,534. The strong fundamentals combined with the stable bullish structure was attracting more and more buyers and the leading altcoin seemed in an unstoppable rally. On Tuesday, it increased by another $142 and peaked at $2,694.
The third day of the workweek was also the fourth on the green territory since the weekend low as the ETH token climbed further to $2,750, breaking out of the newly formed mini-uptrend corridor.
The ether is trading almost flat midday on Thursday.