Bitcoin Rebounds Around 8%, Keeps Steady Around $47,000

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Created by TradeOr

3rd Party Analysis 20 Aug 2021

Key Takeaways

  • Bitcoin surges over 6% on Thursday, breaking a three-day losing stretch, adds 2% on Friday
  • Ether gained nearly 7%, trades above $3,100 per coin as crypto market regains $2tn

Bitcoin Rebounds Around 8%

The leading cryptocurrency, bitcoin, jumped more than 6% on Thursday as traders and investors staged a comeback after three straight days of losses. While initially in the day, the orange coin was pressured and trading in the red, buying momentum picked up and the leading crypto asset moved from a session low of $43,900, to a closing price of $46,550, up roughly 6% on the day.

Bitcoin is currently on pace to end the week slightly in the green as it’s just less than 1% higher from the weekly open of $46,670 per coin. The price of bitcoin continues to attempt to regain the $50,000 after stumbling earlier in the week. In the early hours of Friday’s session, bitcoin added about 2% to its price, currently hovering around $47,000.

Over the short term, momentum has turned sideways as the recent rally seems exhausted. After bitcoin’s price reached a three-month high at $47,300 on Aug 14, buyers have not been able to produce another upside swing that would retake the $50,000 milestone, a level last seen on May 15.

Collective Effort Needed

Bitcoin’s subdued trading has been keeping a lid on the largest cryptocurrency this week. Crypto bulls would need a stronger collective effort to break above the current consolidation. For the past several days, the price of bitcoin has been trading in the range between $43,000 and $47,300 per coin.

In the medium-term, however, bitcoin, and other major cryptocurrencies, have been strongly pushing to higher grounds. Elevated optimism has lifted the entire cryptocurrency market to levels above $2tn. Despite the recent swings above and below the $2tn milestone, in early Friday deals, the total value of the digital asset market is worth just a little over $2tn.

While bitcoin’s price is pinned near $47,000 today, the Ethereum token is hovering above $3,200 after moving roughly 7% to the upside on Thursday. Dogecoin, the cryptocurrency favored by Tesla CEO Elon Musk, advanced about 5% yesterday and is currently gravitating toward $0.31.

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