Bitcoin and Ether Market Update August 12, 2021
Total crypto market cap added $76 billion to its value for the period since Monday and now stands at $1.9 trillion. The top ten coins are mostly in red for the last 24 hours with just XRP (XRP) posting some gains with a 12.9 percent of increase for the period. At the time of writing bitcoin (BTC) is trading at $45,374. Ether (ETH) is at $3,149.
Bitcoin closed the trading day on Sunday, August 8 with a red candle down to $43,818. The coin erased 1.8 percent of its value for the day after peaking at $45,470 in the early hours of trading. Still, the biggest cryptocurrency ended the seven-day period with a 9.7 percent of price increase after breaking above the 21-period EMA on the weekly timeframe.
On Monday, the BTC/USDT pair jumped by 5.4 percent and reached $46,513 for the first time since May 16. The RSI indicator was already pointing in the direction of trend exhaustion, confirmed by bearish divergence on the daily timeframe.
The Tuesday session saw bitcoin hitting $46,763 in the morning. Buyers, however, were not able to keep up with the momentum and lost control of the price action later in the day. The coin eventually closed with a loss at $45,607 but not before falling as low as $44,629.
The mid-week session on Wednesday came with a second consecutive day in the red. Buyers were once again rejected at the $46,700 level, which resulted in a pullback down to $45,455.
What we are seeing early on Thursday, August 12, is another highly volatile session with bears trying to break below the 200-day EMA. Bitcoin is trading at $45,460.
The Ethereum Project token ETH dropped down to $3,010 on Sunday, August 8. The coin experienced its first price pullback since August 3 as the rally started to lose momentum. The leading altcoin and major decentralized application protocol added the stunning 17.7 percent to its valuation on a weekly basis and was already trading above its highest ever monthly candle close.
On Monday, the ether formed the exact same candle, but in the opposite direction, which helped it erase all the losses from the previous session and stabilize around $3,164.
The mentioned level was slowly becoming a major horizontal resistance and on Tuesday bulls failed to break above it for the second time in three days. It is worth noting that the ETH/USDT pair was extremely volatile, moving up and down the $3,232 – $3,042 range during intraday.
The third day of the workweek started with a solid upward movement in the morning that pushed the price up to $3,272. The trading volumes and momentum, however, were not strong enough to support a breakout and the coin quickly retraced down to $3,158 in the evening.
As of the time of writing, ETH is struggling in the above-mentioned zone, flat for the day.