Weekly Recap: Bitcoin and Ethereum Provide Substantial Returns Despite Uncertainty the Market
Indeed, Bitcoin kicked off Monday, September 14th, on the right foot. Its price seems to have bounced off the hypotenuse of the ascending triangle previously mentioned one hour after the week opened at $10,336.76. Such a rebound encouraged investors to buy in, propelling prices above the x-axis of this technical formation, which led to a breakout.
By Wednesday, September 16th, at 16:00 UTC, the pioneer cryptocurrency had advanced 7.38% from the weekly open to trade at a high of $11,099.95. However, this hurdle was able to contain rising prices at bay. The rejection triggered a 3.28% correction, pushing Bitcoin back below the $11,000 mark the following day.
As the week was coming to an end, BTC recovered some of the losses incurred. By Friday, September 18th, the bellwether cryptocurrency had risen by 1.82%, closing this day’s trading session at $10,937.50. Investors were able to gain a weekly return of 5.80%, making the week of September 14th the most profitable of the month thus far.
Ethereum Goes Through Extreme Volatility, Closing the Week 5% in the Green
The week of September 14th was quite volatile for the smart contracts giant. Its price rose significantly on multiple occasions to the drop abruptly shortly after. While such price action could be ideal for some market participants, overleveraged traders may have had difficulty trying to forecast Ethereum’s trend.
As a matter of fact, Ether entered Monday’s trading session, September 14th, hovering at a high of $366.58. Following the daily open, prices quickly fell by nearly 3% to a low of $355.66. This support level was able to hold, allowing ETH to rebound and rise steadily for the next 15 hours.
By 16:00 UTC, Ethereum had gained more than 8% in value and was trading at a high of $384.60. Despite the upward pressure seen throughout the beginning of the week, bears stepped into the market around this price level. The spike in selling pressure pushed prices down by 7.70% for two consecutive days to a weekly low of $355 by Wednesday, September 16th.