Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Cryptocurrency Transactions Skyrocketing; Bitcoin Maintains the $46,000 Level
Bitcoin’s price is stuck around $46,000 and has not moved higher even though there is some strong momentum and buying. Over the past few months, Bitcoin has been moving up and down by up to 50%. This week, it managed to cross above the 40,000 marks after being below the level for about two months.
The cryptocurrency and blockchain market, in general, has risen to $8.7 billion in just the first half of 2021 compared to $4.3 billion in the whole of 2020. Cryptocurrency and blockchain are exploding worldwide as time goes on. It seems that cryptocurrency will be one of the top tickets for investors this year.
Bitcoin Treads Around the $46K Level
According to the Ichimoku indicator, Bitcoin is stuck in a confluence of cloud resistance across several high timeframes. The indicator signals when to buy or sell an asset, bullish or bearish signals, and identifies the support and resistance levels.
Bitcoin has held the 200-day moving average at $45.5K support making its way to around $46,000. At the moment, there are no signs of huge long-term holders selling. The current pullback can be viewed as a technical selling as price action touched a little overheated and overbought levels. The bulls need to protect the 200-day moving average as support to maintain the price.
This week is significant for bitcoin’s technicals. The bulls have to push BTC higher into the weekly close above the 21-week moving average, currently around $43,900, and the 1200-day moving average around $45,300. The action will set up one of the most bullish technical buy signals last experienced in April 2020.
Ethereum Struggling to Keep Above $3,200
Ethereum rallied by 9.10% on Friday, trading at $3,324.51. The second-largest cryptocurrency by market cap is currently trading at $3,166.13, a 2.29% drop from yesterday, Saturday 14.
As it is visible, Ethereum is struggling to remain above the $3,200 zone. Its price broke the $3,100 level and even went further down to $3,000 before moving above the $3,050 resistance. It was able to reclaim the 100 hourly simple moving average.
There is currently a major bearish trend line forming with resistance near $3,250, above which the price may move towards the $3,350 resistance level.
Litecoin and XRP Prices on the Rise
Litecoin on Friday rose by 10.81%. With a Thursday loss of 3.05%, Litecoin ended up at $183.42. A mixed daytime beginning saw Litecoin tumble to $163.95 before he moved early in the morning.
Leaving the first big $158 support level off, Litecoin came in at $184.70 late in the day. After that, Litecoin broke through the first major resistance level at $177. At the time of writing, Litecoin is down by 0.11% from yesterday and is trading at $178.37.
XRP is currently trading at $1.27, which is a 9.20% increase from yesterday. Based on the price from a week ago, the coin has rallied 52.52%. The crypto broke through the first huge resistance at $1.0290 and the second major resistance level at $1.0922.