Bitcoin Stays Consolidated Over Weekend, Drops Early Monday

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Created by TradeOr

3rd Party Analysis 20 Sep 2021

Key Takeaways

  • Bitcoin changes hands near $45,000 after a non-eventful weekend
  • Ether, the second-biggest coin, trades near $3,100 early on Monday

Bitcoin Stays Pinned Near $48,000 for the Weekend

The flagship cryptocurrency, bitcoin, remained pinned near the $48,000 over the weekend. Crypto market participants apparently decided to take a breath and slow down the bargain hunting. The price consolidation began shortly after bitcoin gained momentum after the crypto flash crash. The crash happened on September 6 when El Salvador rolled out the original coin as legal tender.

Over the past week, bitcoin bulls were able to lift the price higher by about $2,000, or a gain of 4.5% Monday through Friday. A largely uneventful and quiet trading momentum over the weekend has carried the price sideways as bitcoin holders await the next catalyst that would push the digital asset beyond the $50,000 milestone.

Flat Trading Marks Weekend Crypto Activity

The modest weekly gain preceded a strong Saturday rally that lifted the price of bitcoin higher by nearly 4% to almost a two-week high of $48,750. Subsequently, however, bulls gave way to sellers and the sentiment turned bearish with bitcoin’s price closing just below $48,000 per coin on the day.

Sunday’s trading was relatively thin with low volumes as crypto traders prepared to enter into Monday’s deals. The original cryptocurrency finished yesterday’s market action fairly flat and slightly to the downside, closing at $47,600, down less than 1% on the day.

A similarly lackluster weekend defined the price movements of alternative coins. The Ethereum token, ether, surged almost 6% on Saturday to a session high of $3,537. The price advance, however, was not stable and ether gave up almost all gains and closed the session higher by about 0.6% at $3,393 per coin.

On Sunday, ether slipped further and reached a six-day low of $3,300.

Lower Open on Monday

On Monday, the leading cryptocurrencies turned lower after the quiet weekend. Bitcoin is trading below $45,000, while the second-largest digital asset, ether, floats slightly above $3,100 per token.

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