Bitcoin Pauses Move Toward $50,000 as Momentum Wanes

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Created by TradeOr

3rd Party Analysis 17 Sep 2021

Key Takeaways

  • Bitcoin slides from weekly high but remains in the green for the week, up 3% since Monday
  • Ether pulls back 3% on Thursday amid broader crypto market decline

Bitcoin’s Move Up Loses Momentum

The broader cryptocurrency market pulled back on Thursday as the buying momentum failed to transfer into another day. A largely uneventful and quiet trading yesterday saw leading tokens lose their advance made during the day.

Bitcoin managed to peak above $48,000 for a second straight day yesterday and reached a session high of $48,450 per coin. The market sentiment, however, changed in the afternoon hours and major cryptocurrencies slipped from their session highs, ending the day mixed.

The original crypto asset, bitcoin, declined about $480, or 1%, to finish the session near $47,000 per coin. Bitcoin ended a three-day winning streak as the $50,000 milestone was left unconquered.

The Leading Token Still Has Gained for the Week

In the short term, bitcoin is on pace to finish the week higher if price stays above Monday’s opening level of $45,050. Presently, the orange coin is trading about 6% higher on the week with a current market price of $47,800.

Longer term, the largest cryptocurrency has experienced significant difficulties in trying to climb above $50,000. Since the price of bitcoin climbed out of its summer lows and entered the range above $40,000, crypto bulls have not been able to produce a strong upside swing that would take the token above the $50,000 level for a sustained period of time.

In signs of healthy crypto market growth, bitcoin’s dominance, which measures its market share compared to the rest of the cryptocurrency market, has been falling consistently this year.

In January, bitcoin’s share was at a 2021-peak of about 70%. Today, the leading token owns less than 42% of the total crypto market, as alternative coins have claimed a bigger piece of the crypto pie.

Ether Trades Fairly Flat on Friday

Ether, the second-biggest coin by market value, rose sharply on Thursday but failed to hold on to the gains. The Ethereum token slipped about 3% from its intraday high of $3,672 and closed the session below its opening level of $3,550. On Friday, ether is trading fairly unchanged at $3,540.

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