FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
59,876,888Confirmed
1,409,040Deaths
41,396,484Recovered
Fetching Location Data…
Advertisement
Advertisement
Anissimov Konstantin
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin Closes the Week at a Loss of 2.13%

Bitcoin opened this day at a high of $10,965.70 and dropped all the way down to $10,180 by 16:00 UTC.

Such price level represented a significant area of support that contained falling prices at bay. What followed was a 3.42% upswing that saw BTC rise to $10,533.33 roughly four hours later. From that point on, this price point served as resistance, while the $10,370.83 level acted as strong support.

Bitcoin spent the next 40 hours trading within this price range without providing a clear path for where it was headed next. But on September 23rd, at 16:00 UTC, the $10,370.83 support level could not hold any longer, and BTC sliced through it. Following the break of such a critical area of interest, the pioneer cryptocurrency took a 2.27% nosedive to make a weekly low of $10,135.22.

While BTC was trading at a discount, buyers began to step in. Multiple cryptocurrency exchanges registered a spike in demand that was significant enough to push prices up by more than 6.50%. As a result, Bitcoin was able to recover some of the losses incurred during the first three days of the week.

The bellwether cryptocurrency made a high of $10,795.87 on September 24th, at 20:00 UTC, following the sudden increase in buy orders. But as the week was coming to an end, some investors appear to have exited their long positions causing BTC to retrace by 0.77%. Bitcoin closed Friday, September 25th, at $10,712.53, providing investors a weekly negative return of 2.13%.

Advertisement

Ethereum Investors Go Into the Red With More than 6% in Losses

Like Bitcoin, the smart contracts giant also had a tough week. It kicked off Monday, September 21st, hovering at a high of $374.90, but things quickly turned around. Ethereum took an 11.71% nosedive during the first half of Monday’s trading session to hit a low of $331.

Although this price level served as stiff support, ETH continued making a series of lower lows and lower highs throughout the following days. By Wednesday, September 23rd, at 20:00 UTC, Ether had dropped another 5.44% to make a weekly low of $313. Such support level was met with a massive number of buy orders that allowed prices to rebound towards the end of the week.

Indeed, the second-largest cryptocurrency by market capitalization entered an impressive bull rally after the significant losses incurred during the first three days of the week. Ethereum saw its price surge by nearly 14.50% to make a high of $358.12 on Friday, September 25th, around 20:00 UTC. Based on the 4-hour chart, the 50 simple moving average seems to have acted as strong resistance.

The rejection from this barrier was seen during the last few hours of Friday’s trading session. Ether dropped roughly 2% to close the week at $350.99. Due to the sell-off seen between September 21st and September 23rd, ETH investors incurred a weekly loss of 6.38%.

Uncertainty Reigns the Crypto Market

When looking at the daily charts of Bitcoin and Ethereum, it seems like these cryptocurrencies are stuck between two critical supply barriers. The 50-day simple moving average appears to be acting as resistance while the 100-day simple moving average serves as support. The inability to determine in which direction the trend will result makes the trading range between these support and resistance levels a reasonable no-trade zone.

Bitcoin would have to close above $11,150 or below $10,475 to provide a clear path for where it is headed next. Meanwhile, Ethereum must exit the $387-$330 trading pocket to signal whether or not the uptrend will resume. Until this happens, it is imperative to wait on the sidelines to avoid getting caught on the wrong side of the trend.

Konstantin Anissimov, Executive Director at CEX.IO

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US