Bitcoin, Ether, and XRP Weekly Market Update October 26, 2020

Tuesday 27 October 2020, 12:58 AM AEST - 1 month ago

The total crypto market cap added $37.8 billion to its value for the last seven days and now stands at $396.8 billion. The top 10 currencies are mostly in green for the same period with Litecoin (LTC) leading the pack with a 21.7 percent price increase. By the time of writing bitcoin is trading at $13,090, ether (ETH) is stable at around $406. Ripple (XRP) is at $0.256.


Bitcoin hit the weekly horizontal resistance at $11,500 on Sunday, October 18 for the third time in six days. It successfully filled the $11,200-$11,500 gap and was ready for take-off as bull pressure was steadily increasing.

The coin closed the week with a 1.2 percent price increase.

On Monday, the BTC/USD pair formed its third consecutive green candle on the daily chart and climbed up to $11,758. We were looking at $11,800 as the next zone of temporary resistance.

The price of bitcoin, however, continued to surge and on Tuesday, October 20 it surpassed the mentioned level, stopping at $11,900. Buyers were able to push the price above the $12k mark for the first time since September 1 during intraday.

What we saw in the mid-week session on Wednesday was the biggest one-day gain for BTC since July 27. The leading cryptocurrency added 7.4 percent to its value and closed the trading day at $12,823. It was seen as high as $13,218 at some point thus breaking the $13,000 line. That level was last reached in July 2019.

On Thursday, October 22, bitcoin confirmed its presence above the daily resistance area formed around $12,800, and closed the day at $12,996, registering one more failed attempt to break that level.

The last day of the workweek came with a short correction to $1 ...

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