Bitcoin Swings Between Gains and Losses as Market Jitters Remain

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Created by TradeOr

3rd Party Analysis 26 Aug 2021

Key Takeaways

  • Bitcoin erases a 3% loss on Wednesday, slips anew in the early hours of Thursday
  • The $50,000 milestone has been a solid resistance level for the leading crypto asset

Bitcoin Swings Following Losses

Bitcoin snapped back from Wednesday’s weekly lows near $47,000 and managed to close the day in the green, up a little more than 1%, to $48,800. The move to the upside arrived in the late hours of yesterday’s session.

The price of Bitcoin in the early hours of Thursday’s session turned sharply lower again. As it gyrates near $47,000 per token, down about 3% on the day, the price is below the weekly opening price of $48,300. Currently, Bitcoin is on pace to snap a four-week winning streak as market sentiment has turned sour so far in the day.

Bitcoin’s valuation has been facing strong resistance near the $1tn mark or about $50,000 per coin. Since the price of bitcoin pushed near $50,000 a week ago, selling pressure has been keeping a lid on the digital asset, giving bears dominance over the price action. The historic milestone, having been conquered four times in Bitcoin’s history, remains the immediate price-level challenge for the leading asset after it gained roughly 70% in about five weeks.

Crypto Market Takes a Dip

Cryptocurrencies broadly endured a sharp dip early Wednesday after several days of solid upside moves brought major tokens near multi-month highs. The lost momentum that marked yesterday’s session caused about 4% to be erased from the total crypto market valuation during the trading activity.

Near the end of the session, however, crypto bulls stepped in with enough effort to claw back from the lows and even turn a profit in the performance of major digital assets.

Besides Bitcoin’s modest gain yesterday, ether’s price managed to erase a 4.5% intraday loss and settle right above its opening price of $3,200 per coin, up over 5% from its daily low. The Ethereum token has been trading sharply to the upside recently, Over the past five weeks, the price of ether has advanced around 80% to the current market price of $3,100.

Ethereum has been consolidated for the past three weeks. Since the second-biggest coin climbed 80% from July 21 to August 7, the price has been moving sideways in the $3,000-$3,200 trading range. Ether now holds a market valuation of about $380bn, or an 18% share of the entire cryptocurrency market.

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