Bitcoin, Ether, Major Altcoins – Weekly Market Update June 28, 2021
The total crypto market cap added $19 million from its value for the last seven days and now stands at $1,368 billion. The top 10 coins were all in red for the same time period with all of them posting double-digit losses. Polkadot (DOT) and XRP (XRP_ were the worst performers with 27.4 and 18.1 percent of losses respectively. Bitcoin (BTC) is currently trading at $34,000, ether (ETH) is at $1,983.
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.
On Thursday, June 24, the BTC/USDT pair climbed to the weekly open at $35,500 but suffered a rejection there, which resulted in closing the day with a short green candle to $34,600.
The Friday session was not that good for buyers. Bitcoin erased all gains (or 9 percent of its valuation) from the last three days and stopped at the weekly open at $31,600.
On the first day of the weekend, it once again moved below the weekly support level dropping as low as $30,100 during intraday, triggering series of liquidations. Just like a few days before, bulls were there to absorb the shorts and helped BTC recover to $32,100 at the daily candle close.
Then on Sunday, Bitcoin rallied to $34,700, which resulted in a 7 percent increase. The head and shoulders figure on the weekly chart was again invalidated.
What we are seeing on Monday morning is trading lower, at $34,000 after hitting the diagonal resistance.
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 a 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, June 24, the coin moved above the February high and closed at $1,988 after temporarily trading above $2k.
The last day of the workweek was marked by increased activity from sellers. They managed to push the price down to $1,808 or 9 percent lower thus moving below the weekly open price.
The weekend of June 26-27 started with a fresh low. This time ETH touched $1,715, but quickly jumped back in the later hours of the session to close in green.
Then on Sunday, it formed a solid 8.5 percent increase candle and ended the seven-day period in red, but still above the weekly support.
On Monday morning, ether is trading at $1,985.
- Solana (SOL)
Solana is once again the least impacted major altcoin from the recent pullback. The SOL token, which is the native cryptocurrency of the Solana network lost only 10 percent from its value last week and currently stands at $32.2. The SOL/USDT pair was 42 percent down at one point during the correction but managed to recover in a fascinating way.
What is next for bulls is to try to surpass the $33 level, which acts as a resistance in the last few days and is now where the 100-day and 21-day EMAs are crossing each other. This will open the door for an attack of the zone near $42.
Down, $25 still remains a solid support area.
Altcoin of the Week
The best performing digital asset in the Top 100 list last week was Bitcoin Cash ABC (BCHA). This coin is basically a fork of Bitcoin Cash derived from the last chain split that happened in November 2020. As per the official website, the main advantage of BCHA over the original Bitcoin Cash is a “unique funding feature called the coinbase rule, which reinvests 8% of each BCHA block reward to fund future network development.”
The BCHA token added 30 percent to its value for the last seven days when it peaked at $27 moving up to #98 on CoinGecko’s Top 100 list with a total market cap of approximately $580 million. It is worth noting that the coin is now 87 percent up from its $13.9 low registered on June 22.
As of the time of writing, the BCHA/BUSD pair is trading at $26.1 on Binance.