Total crypto market cap lost $91 billion from its value for the period since Monday and now stands at $1.31 trillion. The top ten coins are mostly in red for the last 24 hours with Poladot (DOT) losing 3.5 percent while Binance Coin (BNB) was the sole gainer with a 2.8 percent increase. At the time of writing bitcoin (BTC) is trading at $31,800. Ether (ETH) is at $1,914.
Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January. However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.
On Monday, the leading cryptocurrency failed to break above the 21-period EMA on the daily timeframe and was forced to retrace down to $33,000, trading at $32,600 during intraday. The move resulted in a 3.4 percent pullback.
The Tuesday session was no different and the BTC/USDT pair continued to slide forming second consecutive red candle on the daily chart by touching $32,600. What is worth noting is that bears managed to push the price down to the next weekly support zone around $32,200 – the neckline of the big head and shoulders pattern on the weekly timeframe.
The mid-week session on Wednesday came with a sharp 3.8 percent drop to $31,600 in the early hours of trading. The selling activity was quickly absorbed and BTC was able to recover to $32,800 at the candle close.
What we are seeing on Thursday morning is a renewed selling activity as bitcoin once again lost the mentioned support line.
The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180). It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.
On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.
The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.
The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.
On Thursday morning, ETH is trading significantly lower, at $1,914.