Bitcoin and Ether Market Update June 3, 2021
Total crypto market cap added $180 billion to its value for the period since Monday and now stands at $1.77 trillion. The top ten coins are all in green for the last 24 hours with Polkadot (DOT) and Binance Coin (BNB) leading the pack with a 19 and 12 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $39,330, ether (ETH) moved up to $2,870.
Bitcoin hit a weekly low of $33,347 on Sunday, May 30, and confirmed the $32,000-$33,000 zone as solid mid-term support. It registered a 3 percent increase on a seven-day basis and avoided further decline to the sub-$30k levels thus keeping the hopes for an upside reversal alive.
It is worth noting that the BTC/USDT pair was extremely volatile, moving up and down the $40,800 – $33,500 zone during the period, which suggested a lack of momentum in any of the price directions.
On Monday, buyers pushed the price above to the important $37,000 horizontal S/R and formed the second consecutive green candle on the daily chart by reaching $37,300. The move resulted in a 4.3 percent growth in value for the leading cryptocurrency.
Bitcoin closed its worst 30-day period since November 2018 dropping 35 percent thanks to a group of fundamental factors impacting the perspectives in front of the bitcoin mining process.
On Tuesday, June 1 BTC hit the upper boundary of the bearish pennant formation on the daily chart at $37,900 and corrected its price down to $36,600 thus losing the local support line once again.
The mid-week session on Wednesday came with a breakout attempt as bulls managed to push the price up to $38,200 and to surpass the mentioned triangle-like formation before retracing to $37,500 at the daily candle close.
The BTC/USDT pair is trading at $39,300 midday on Thursday, well above the previous resistance zone.
The price of the Ethereum Project token ETH continued to strictly follow the technical indicators and trend-defining formations on all timeframes.
On Sunday, May 30 it hit a weekly low of $2,170, touching the lower end of the long-term uptrend corridor. Earlier in the week, the coin touched the meeting point of the horizontal resistance, the 21-day EMA, and the newly formed diagonal line at $2,900, which triggered a 20+ percent selloff.
The ether added 14.4 percent up on a weekly basis, rebounding perfectly from the 21-day EMA on the bigger timeframe.
On Monday, the ETH/USD pair resumed the uptrend rally and reached the $2,700 mark while breaking the $2,500 S/R line. It ended the month of May 2.5 percent lower compared to the previous 30-day period.
On the very next day, the coin made a short retrace, during which the mentioned line was successfully re-tested.
The third day of the workweek was a continuation of the upward movement. The leading altcoin was trading as high as $2,800 but closed the session at $2,700.
The altcoin market is in green midday on Thursday. ETH is hovering around $2,860.