Bitcoin Registers Fifth Positive Week But Falls Over the Weekend

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Created by TradeOr

3rd Party Analysis 30 Aug 2021

Key Takeaways

  • Bitcoin managed to close fifth consecutive week in the green, trades around $48,000 per coin
  • The recent sideways trading, according to bitcoin bulls, is a sign of accumulation before a move up

Bitcoin Registers Fifth Positive Week

Bitcoin, the first and biggest cryptocurrency in the world, managed to end its fifth consecutive week in positive territory. After wobbling throughout most of last week’s trading, the original digital currency ended Friday’s action above its weekly opening level, securing another week in the green.

Bitcoin was pointing lower for most of Friday’s market activity and only in the last few hours of the session, bitcoin bulls managed to fuel a 3% gain in bitcoin’s price. Bitcoin ended the week at $48,800, or about $500 above the opening price on Monday.

Since the flagship token climbed above $50,000 last Monday for the first time in three months, the price has been largely subdued below that threshold.

Over the weekend, the leading token and other major coins traded mostly lower in a non-eventful and quiet market activity. Bitcoin gyrated near $48,500 to $48,800, while ether, the second-largest coin, was pressured below $3,200 per token.

Leading Digital Coins Trade Sideways

Major cryptocurrencies kicked off this week’s market action relatively depressed. Bitcoin’s price is now hovering near $47,800, roughly 2% lower on the day. Despite last week’s relatively quiet trading, crypto proponents interpret the cooldown as an accumulation phase before the next move higher.

On the technical front, the price of bitcoin has kept floating above the 200-day moving average since it broke above it last week for the first time since April last year.

While prices of major coins trade sideways to slightly lower in the early hours of Monday’s deals, the moderate appreciation over the past week has brought the entire market cap to levels around $2.1tn. Bitcoin market share stands at about $900bn, or a dominance of nearly 44%.

Alternative coins, including Ether, Cardano’s ADA, Litecoin, Dogecoin, and more, have slipped in the early hours of Monday’s trading. Today’s slide has pushed major cryptocurrencies in the red for the past seven days.

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