Bitcoin and Ether Market Update October 1, 2020
Total crypto market cap added $2 billion to its value since Monday morning and now stands at $346.7 billion. Top ten coins are all in green for the last 24 hours with ChainLink (LINK) and Cardano (ADA) being the best performers by adding 5.1 and 5.9 percent to its values respectively. At the time of writing bitcoin (BTC) is trading at $10,823 on the Bitstamp daily chart, while the ether (ETH) moved up to $361. Ripple’s XRP is hovering around $0.241.
Bitcoin moved above the $10,700 resistance zone on Sunday, September 27, and closed the week with a 1.3 percent loss. The coin was on its way up ever since it touched the $10,100 horizontal support on the daily timeframe on September 23 and successfully surpassed both the 100-day and 26-day EMAs.
The BTC/USD pair opened the new trading period on Monday by forming a short red candle to $10,680. Buyers even managed to push the price up to $10,943 during intraday, but the momentum was not strong enough to fuel a run towards the next resistance at $11,000.
On Tuesday, September 29 the leading cryptocurrency once again changed direction. It moved up to $10,840 as the monthly close was fast approaching. A close above $10,700 will keep the bullish case intact.
The mid-week session on Wednesday saw a break below the above-mentioned line in the early hours of trading. In the evening BTC managed to recover and closed the month at $10,771 thus keeping the uptrend alive.
The coin was 7.5 percent down on a monthly basis.
The 24-hour trading volumes remained stable in the three-day period between Monday and Wednesday, gravitating around $18 billion. They slightly decreased in the later hours of trading on Wednesday.
The Ethereum Project token ETH was on its way up since it hit the weekly support zone near $315 on September 23. The coin formed its fourth consecutive green candle on the daily chart on Sunday, September 27, and closed the seven-day period at $357, right in the middle of the $360-$350 resistance area.
The ether was still 3.6 percent down for the week.
On Monday, the ETH/USD pair fell down to $353, but not before reaching $370 during intraday. Bulls were attempting to break above the daily resistance, but it proofed to be a solid one.
On Tuesday, September 29 they were once again rejected at $360 as the lack of momentum combined with the flat trading volumes could not trigger a new uptrend movement.
The Wednesday session, which was also the last for September, was a low volatility one as the ETH token remained flat. It registered a 16.8 loss on a monthly basis.
The 24-hour trading volumes were hovering between $10 and $11 billion on Monday and Tuesday but then started to drop early Wednesday reaching a $5.2 low in the evening.