Total crypto market cap added $66 billion to its value for the period since Monday and now stands at $2.40 trillion. The top ten coins are all in green for the last 24 hours with Polkadot (DOT) leading the pack with 19.5 percent of a price increase. At the time of writing bitcoin (BTC) is trading at $58,000. Ether (ETH) is at $3,730.
Bitcoin closed the trading session on Sunday, October 10 at $54,730 after an extremely volatile trading day during which it was moving up and down the $56,550 – $51,000 range. The price of BTC finally stabilized right below the $55,000 line (the zone with the highest concentration of trading volume and where the Volume Profile Point of control is located) and registered a 13 percent of price increase on a weekly basis.
BTC continued to increase its market dominance over the altcoins and for almost a month it is literally sucking funds out from the majority of the leading DeFi projects. As expected, this had a negative effect on the rest of the digital assets as they were now lagging behind the leader.
On Monday, the BTC/USDT pair rallied 4.8 percent to reach the $57,400 mark for the first time since May 10, 2021. The good perspectives in front of a potential Bitcoin ETF approval in the US later this month were driving the market towards a new all-time high. The futures and options markets also registered a significant inflow of funds betting on higher bitcoin prices before year-end.
Bears pushed the price all the way down to $54,000 in the early hours of trading on Tuesday, but the sell orders were quickly absorbed and buyers partially recovered in the evening. The coin closed with a short red candle to $56,000.
The mid-week session on Wednesday brought greener and the biggest cryptocurrency fully erased the losses from the previous day by stopping at $57,400 for the second time this week, turning it into a short-term resistance.
On Thursday, October 14 we are witnessing an attempt from bulls to break above the mentioned horizontal line. The coin is trading at $58,000.
The Ethereum Project token ETH was closely following BTC’s trajectory, working its way towards its own all-time high.
On Sunday, October 10, the ether dropped 4.3 percent to $3,417 after failing to break above the established September resistance right above $3,600.
The coin was flat for the seven-day period as neither bulls nor bears were able to take over control of the market.
On Monday, the ETH/USDT pair jumped back up from the mentioned low and closed at $3,545 after touching $3,622 during intraday. The $3,390 – $3,420 zone where the Volume Profile Point of Control is situated, is now also acting as support.
The price of ETH tested the level once more on Tuesday and registered a slight pullback, down to $3,491.
The coin started moving North again during the third working day of the week. Bears tested the horizontal support for a third consecutive day and the failed attempt to break it resulted in a rally up to the next resistance around $3,600.
As of the time of writing this article, the Ethereum token is in the process of completing a breakout.
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