Bitcoin Trades Sideways Over the Weekend, Floats Near $47,500

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Created by TradeOr

3rd Party Analysis 16 Aug 2021

Key Takeaways

  • Bitcoin, Ether trade sideways over the weekend after a strong weekly performance
  • Monday’s trading points to the upside, bitcoin gravitates toward $47,500, ether trades at $3,280

Bitcoin Trades Sideways Over the Weekend

Bitcoin’s rally came to a halt over the weekend as crypto traders and investors were not able to sustain the price above Friday’s closing level of $47,800. For the week ended Friday, bitcoin added nearly 8.4% to its value. The strong upside swing from Friday’s action pushed bitcoin’s value gravitating toward $900bn, while the entire market regained the $2tn capitalization.

On Saturday, the cryptocurrency market kicked off weekend trading on a high note and bitcoin climbed above Friday’s closing price, setting a three-month intraday high of $48,150 per coin. The buying momentum, however, was not solid, and the price slid to levels near $46,000, ending the day down by 2%.

Sunday’s activity was also marked by increased selling pressure during the day. Near the final hours, however, bitcoin reversed its downward trend and marched higher, ultimately logging the day in positive territory.  Bitcoin ended Sunday trading virtually unchanged at $46,600, bringing its weekend performance to a negative 2%.

While there wasn’t a clearly defined reason for the thin weekend trading, market participants characterized the decline as a healthy pullback prompted by profit taking. The weekend slide came after a breakneck sprint over the past three weeks that lifted bitcoin’s price nearly 64%.

As the price of bitcoin is now out of its consolidation under the $40,000 mark, where the asset spent the period between mid-May and mid-July, the year-to-date performance for the biggest crypto stands at a gain of 57%. Just before the recent rally, however, bitcoin had erased all of its 2021 winnings.

Ethereum Outpaces Bitcoin’s Yearly Performance

Ether, the second most valuable digital currency, also endured mild losses over the weekend. It ended the Sunday session at roughly $3,260, positive by about 1% on the day, but down 1.5% Saturday through Sunday. The Ethereum token is currently trading at levels above $3,280 per coin.

The Ethereum token’s gains have outpaced bitcoin’s performance for the year by a wide margin as ether’s price is higher by more than 340% since January.

Dogecoin, the joke cryptocurrency beloved by Elon Musk and a large portion of the retail crypto trading community, is higher by roughly 6,800% year-to-date. Dogecoin has been on the forefront on the rally over the past week. The meme cryptocurrency has added over 40% in the past seven days to current market price of $0.33.

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