Bitcoin started the day trading at around $7,065; there was linear movement in the Bitcoin price which continued until it fell to around $6,850. The bears were disappointed afterward because the Bitcoin price, after touching a few levels of support and resistance, reached a daily peak of $7,662. It dropped slightly moments later. Bitcoin ended the day trading at around $7,564.
Investors were fearful about Bitcoin losing ground for the second day in a row. Firstly, because the Bitcoin price dropped massively in the previous week, and secondly, because of the worrying news about Chinese authorities warning investors to be wary of digital currencies.
Bitcoin 24-hour chart provided by the Trading View
There were two major reversal periods today. The first was when the Bitcoin price dropped from $7,065 to around $6,850. The second major reversal period happened immediately after, as it increased from $6,850 to $7,228, which is a massive $378 rise in price.
There was worrying news for cryptocurrency investors today as the cryptocurrency exchange Upbit confirmed the theft of $47 million in Ether. This news cast a spell of skepticism on some Bitcoin investors; this means we might expect the Bitcoin price to drop to around $6,900. Some experts believe the increase in price today is a good development and that Bitcoin might hit $10,000 before Christmas. The Bitcoin price may rise to $8,000 tomorrow.
Market trend: Bullish
High (24H): $7,662
Low (24H): $6,850
Market cap: $137,009,859,569 (data provided by Coinmarketcap)
Volume (24H): $24,127,984,889 (data provided by Coinmarketcap)
Ethereum started the day trading at around 0.022092 BTC. It quickly rose to around 0.023028 BTC. After touching several levels of support and resistance, the price of Ethereum dropped to around 0.018870 BTC. Ethereum price increased to a peak of 0.022092 BTC. Ethereum ended the day trading at 0.02949 BTC.
ETH/BTC 24-hour chart provided by Kucoin
High (24H): 0.020772 BTC (data provided by Kucoin)
Low (24H): 0.020268 BTC (data provided by Kucoin)
Ripple started the day trading at around 0.00003555 BTC. There were few moments of support and resistance before Ripple reached a peak of 0.00003762 BTC. The price later moved downwards to around 0.00002957 BTC. Ripple ended the day trading at 0.00003048 BTC.
XRP/BTC chart provided by Kucoin
High (24H): 0.00003130 BTC (data provided by Kucoin)
Low (24H): 0.00002976 BTC (data provided by Kucoin)