Cryptocurrency market update: The Bulls return – Bitcoin and Ethereum anxiously wait for a catalyst


  • The bulls need to sustain Bitcoin above $8,000 for a correction towards $9,000.
  • Ethereum managed to stay above the key support at $240 amid the bearish trend on the market.

The cryptocurrency market intends to close the week’s trading in the green. The trading in the last four days has been like a rollercoaster ride especially for the top three cryptocurrencies, Bitcoin, Ethereum and Ripple. However, all the three managed to stay above key support levels but rebound from the support levels has been shallow. Presently, the market is mostly in the green apart from Ethereum.

The crypto and exchange ranking website, CoinMarketCap shows that the market cap has recovered significantly. $12 billion has been added on the entire market value of cryptocurrencies from $243 posted at the close of the session on Thursday to the current $255 billion. The growth is supported by an increase in the trading volume from $63 billion to $71 billion in the same period.

Bitcoin market update

Bitcoin is still taking up the largest market share with its market cap holding ground at $141 billion with a 24-hour trading volume of $21 billion. BTC has corrected high 1.93% from the same time yesterday, although the intraday charts on FXStreet show an intraday rise of 2.5%. Bitcoin has touched lows of $7,761.80 on Friday but the correction to intraday high of $8,039.19 has lost steam with the price retracing to levels slightly above $8,000. The bulls need to sustain Bitcoin above $8,000 level to ensure that it is out danger for losses towards key support at $7,500.

Ethereum market update

Ethereum, on one hand, managed to stay above the key support at $240 amid the bearish trend on the market. On the other hand, its recovery has been limited under $260. From today’s low at $244.79, Ethereum has changed hands at highs around $251.71. However, due to the sellers’ influence, ETH/USD has corrected to the current value at $249. A correction above $250 is needed in order for the bulls to focus on levels towards $260 and $270 for the coming weekend sessions.

 

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