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.

BTC/USD

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 ...

Read full story on BTCMANAGER

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.