Total crypto market cap increased in value by $ 66 billion for the period since Monday to stand at $ 2.40 trillion. The top ten coins are all in green for the past 24 hours, with Polkadot (DOT) leading the field with a 19.5 percent price increase. At the time of writing, Bitcoin (BTC) is trading at $ 58,000. Ether (ETH) is $ 3,730.
BTC / USAD.
Bitcoin closed the trading session at $ 54,730 on Sunday, October 10, after an extremely volatile trading day with it moved up and down in the $ 56,550 to $ 51,000 range. The price of BTC eventually stabilized just below the $ 55,000 line (the zone with the highest concentration of trading volume and where the control point of the volume profile is located), seeing a price increase of 13 percent weekly.
BTC continued to expand its market dominance over the altcoins and has been literally sucking funds out of the majority of the leading DeFi projects for almost a month. As expected, this had a negative impact on the rest of the digital assets, as they now lagged behind the market leader.
On Monday, the BTC / USDT pair rebounded 4.8 percent, hitting the $ 57,400 mark for the first time since May 10, 2021. The good prospects ahead of a possible Bitcoin ETF approval in the US at the end of this month drove the market towards a new all-time high. The futures and options markets also recorded a significant inflow of funds before the end of the year, which was set on higher Bitcoin prices.
Bears pushed the price down as low as $ 54,000 in Tuesday’s early trading hours, but sell orders were quickly absorbed and buyers partially rebounded in the evening. The coin closed at $ 56,000 on a short red candle.
Wednesday’s mid-week session brought greener and the largest cryptocurrency completely erased the previous day’s losses by stopping at $ 57,400 for the second time this week, turning it into short-term resistance.
On Thursday October 14th we will see an attempt by cops to break above the horizontal line mentioned. The coin trades at $ 58,000.
ETH / USD
The Ethereum project token ETH closely followed the development of BTC and worked its way towards its own all-time high.
On Sunday October 10th, ether fell 4.3 percent to $ 3,417 after failing to break the established September resistance just above $ 3,600.
The coin was flat for the seven day period as neither bulls nor bears were able to take control of the market.
On Monday, the ETH / USDT pair bounced back from the aforementioned lows and closed at $ 3,545 after hitting $ 3,622 during the intraday. The $ 3,390- $ 3,420 zone where the Volume Profile Point of Control is located now also acts as a support.
ETH price retested the level on Tuesday and saw a slight drop to $ 3,491.
The coin began moving north again on the third working day of the week. Bears tested the horizontal support for a third straight day and the failed attempt to break it resulted in a rally to the next resistance around $ 3,600.
At the time of this writing, the Ethereum token is about to complete a breakout.
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