Bitcoin and Ether Market Update June 24, 2021
Total crypto market cap erased $14 billion from its value for the period since Monday and now stands at $1.34 trillion. The top ten coins showed mixed results for the last 24 hours with ether Dogecoin (DOGE) adding 8.3 percent to its value while ether (ETH) lost 3.2 percent. At the time of writing bitcoin (BTC) is trading at $33,200. The ether is at $1,932.
Bitcoin closed the trading session on Sunday, June 20 with no significant price change. The coin was quite volatile, hovering in the $33,400 – $36,200 zone before stopping at $35,500 at the daily candle close. This resulted in a 9.1 percent decrease on a seven-day basis as BTC fell below all major trend-supporting indicators on the daily timeframe.
On Monday, bears started putting even more pressure. They managed to push the price of the biggest cryptocurrency all the way down to $31,540, penetrating once again into the multi-timeframe support area. BTC erased almost 12 percent of its value for the day.
The downward movement was continued on Tuesday and the BTC/USDT pair hit a 5-month low at $28,600. It fell below the mentioned support, which resulted in more than $1 billion in long position liquidated across the major cryptocurrency exchanges. On the weekly timeframe, we could clearly see a head and shoulders pattern being on the brink of validation.
In the later hours of the session, however, buyers managed to absorb the shorts and fought back with a significant volume. This helped the coin recover and even close in green at $32,500 and with a hammer-like candle– 12 percent up from its lowest point for the day.
The mid-week session on Wednesday was even better as bitcoin re-entered into the old $39,000-$33,500 range by forming a second consecutive green candle on the daily chart.
What we are seeing on Thursday morning is BTC trading slightly lower at $33,200.
The Ethereum Project token ETH ended the previous seven-day period with an 11 percent loss. Still, the coin managed to draw a short green candle to $2,240 on Sunday, June 20 after 5 consecutive days in red, which drove the price below the $2,500 horizontal support, the 21-day EMA, and the lower boundary of the long-term uptrend corridor.
The selloff intensified on Monday as the Chinese government resumed its crackdown against cryptocurrency mining and trading activities. The ETH/USDT pair dropped by 16 percent and closed right at the 200-day EMA below the $2,000 mark (at 1,870) for the first time since May 23.
On Tuesday, the ether fell further to $1,700 for the first time since March 29 in what was seen by many as the final capitulation of bulls before a potential upside reversal. The coin recovered in the evening part of the session, closing at $1,870.
The third day of the workweek came with a good 4-percent jump and a green candle to $1,960 on daily, but ETH was not looking as strong as Bitcoin at this stage as the biggest cryptocurrency seemed to be the one leading market recovery.
On Thursday, the coin is trading at $1,933, below the February high, which might be turned into resistance now.