Bitcoin, Ether, and XRP Weekly Market Update February 17, 2020

The total crypto market cap lost $7 billion of its value for the last seven days and now stands at $280.8 billion. The top 10 currencies are mostly in red for the same time frame with Bitcoin SV (BSV) and EOS (EOS) leading the pack with 21.3 and 16.8 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at $9,795 while ether (ETH) moved up to $252. Ripples XRP is trading at $0.282.

BTC/USD

Bitcoin finally broke the psychological level of $10,000 on Sunday, February 9 and closed the seven-day period at $10,177, with 9.3 percent of increase.

On Monday, February 10, the most popular cryptocurrency started the new trading period by falling down to $9,843. The 3.2 percent correction was seen by the majority of the analysts as a healthy retrace in an already overheated bull run. A proper consolidation was required for BTC and it found it in the middle of the uptrend channel.

The second day of the workweek brought green back to the chart as the BTC/USD pair regained its positions and stopped at $10,249. The next obvious target for buyers was the $10,900 – $11,000 zone, but not before confirming its presence in the mid-$10k area.

On Wednesday, February 12, bitcoin was less volatile and was trading in the $10,251 – $10,514 range just to close with a small gain to $10,347.

BTC was rejected for the second consecutive day at $10,500 on Thursday. The coin was unable to find its stability and failed to print a new local high. The uptrend was intact as its middle line once again provided support.

On Friday, February 14, it climbed up to $10,361 erasing all losses from the previous session.

The weekend started with a sudden drop to $9,889 on Saturday. Bitcoin lost 4.5 percent of its value and hit the 20-day Moving average.

It remained flat on Sunday and closed the week with a 2.8 percent loss.

ETH/USD

The Ethereum Project token ETH moved up to $228 on Sunday, February 9 and ended the week 21 percent higher compared to the previous seven-day period.

It was rejected at $230 on Monday, February 10 and dropped down to $223. The ETH/USD pair was trading as low as $213 during intraday but managed to recover later in the evening.

On Tuesday, February 11, the coin skyrocketed to $238, which resulted in a 6.7 percent price increase. It was already 48 percent up since January 26 when the current uptrend was started.

The mid-week session on Wednesday ...

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