Bitcoin (BTC) and Ethereum (ETH) Market Update September 29, 2022

The total crypto market cap grew by $19 billion for the period since Monday and now stands at $940 billion. The top ten currencies are mostly in green with Solana (SOL) and BNB (BNB) up 3 percent each for the last 24 hours while XRP (XRP) is trading 5 percent lower for the same period. At the time of writing bitcoin (BTC) is trading at $19,466. Ether (ETH) is at $1,340.

BTC/USD

Bitcoin closed the trading day on Sunday, September 25 at $18,842 and after a three-day long selling, it managed to find stability at the good old support area between $18,000-$19,000. It ended the seven-day period with a 3.3 percent decrease.

In general, the biggest cryptocurrency is playing with fire, flirting with the support that if broken can drive its price down to $16,000 at least. However, the recent price action can also be interpreted as a deviation below the support and confirmation of the Double Bottom formation on the Weekly timeframe.

On Monday, the BTC/USDT pair showed some strength and rallied all the way up to $19,260 to add 2 percent to its valuation completely engulfing the last candle.

The Tuesday session was extremely volatile. Buyers pushed the price up to $20,400 in the early hours of trading or 6 percent higher but did not manage to preserve their gains and the coin ended up the day in red.

We saw the exact same volatility but in the opposite direction on Wednesday as it was bears’ turn to be pressured. Bitcoin was trading at $18,470 intraday, but bulls were in control this time, dictating the direction. The price stopped at $19,426 or a little more than a percent higher.

What we are seeing midday on Thursday is a flat session, obviously waiting for the US markets to open in order to choose a direction. 24-hour trading volumes are on the rise since September 4.

ETH/USD

The Ethereum Project token ETH managed to form a new range after breaking below the $1,330 mark. It is currently hovering in the $1,250 – $1,350 zone and during the last week, trading lost 3 percent of its valuation.

On Monday, September 26, the new seven-day period started with a solid push upwards to $1,340, which saw the last 2 daily timeframe candles being engulfed and 3 percent added back to the ETH market cap.

The ether bulls were strong on Tuesday and the price reached $1,400 intraday, but just like Bitcoin, the coin lost its momentum in the evening and dropped to $1,330 at the end of the session.

The mid-week trading day on Wednesday came with a sudden drop to $1,255 in the morning, triggering long position liquidations across the major exchanges before the price came back up to $1,340 before the daily candle close.

The crypto market is currently more or less ranging, waiting on the potential Double Bottom confirmation on the SPX chart that will dictate the price direction for both tradfi and crypto in the short to mid-term.

The leading altcoin is trading slightly higher – at $1,340 as of the time of writing this market update.