Bitcoin and Ether Market Update October 22, 2020
Total crypto market cap added $31.4 billion for the period since Monday morning and now stands at $389.8 billion. Top ten coins are all in green for the last 24 hours. Litecoin (LTC) and ChainLink (LINK) are the biggest gainers with 12.8 and 8.5 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $12,860 on the Bitstamp daily chart, ether (ETH) skyrocketed to $397. Ripple’s XRP moved up to $0.258.
Bitcoin hit the weekly horizontal resistance at $11,500 on Sunday, October 18 for the third time in six days. It successfully filled the $11,200-$11,500 gap and was ready for a take-off as bull pressure was steadily increasing.
The coin closed the week with a 1.2 percent price increase.
On Monday, the BTC/USD pair formed its third consecutive green candle on the daily chart and climbed up to $11,758. We were looking at $11,800 as the next zone of temporary resistance.
The price of bitcoin, however, continued to surge and on Tuesday, October 20 it surpassed the mentioned level, stopping at $11,900. Buyers were able to push the price above the $12k mark for the first time since September 1 during intraday.
What we saw on the mid-week session on Wednesday was the biggest one-day gain for BTC since July 27. The leading cryptocurrency added 7.4 percent to its value and closed the trading day at $12,823. It was seen as high as $13,218 at some point thus breaking the $13,000 line. That level was last reached in July 2019.
In the morning hours on Thursday, October 22, bitcoin is hovering around the daily resistance area formed around $12,800 in an obvious consolidation. Crypto market analysts are suggesting the current uptrend might also trigger a short to mid-term bull run in the major altcoins.
The 24-hour trading volumes started to increase gradually since Monday. They literally doubled from $15 billion on the first day of the week to $30 billion on Thursday morning.
The Ethereum Project token ETH climbed up to $378 on Sunday, October 18 after rebounding from the 50-day EMA earlier in the session. It also found support at the $360 horizontal line on the previous day.
The coin closed the seven-day period with a 1.3 percent price increase.
On Monday, the ETH/USD pair remained flat near the above-mentioned level as bulls were looking for a stabilization period that could be later used as a base for a short to mid-term upward movement extension.
The Tuesday session was a bad one for buyers and they lost their current positions. Unlike BTC, they could not establish an uptrend due to low buyer interest compared to the biggest cryptocurrency. The ether dropped down to $368.
The mid-week trading on Wednesday brought a trend reversal. The ETH token climbed all the way up to $391 and entered the monthly resistance zone. All this resulted in a 6 percent increase.
In the early hours on Thursday, October 22, ETH is consolidating above the resistance zone, hovering around $397. If the current level is successfully defended, it will open the door for filling the gap up to the monthly/weekly resistance cluster at $435.