Sunday morning at 1:30 UTC, Bitcoin was trading at $6505 stuck in what chart analysts called a “critical” price range. A move downward could have set the precedent for a possible bearish crypto week.
Within three hours BTC witnessed a bullish price action and went on to trade at $6818 (BINANCE:BTCUSDT) before a minor pullback. The last time Bitcoin was comfortably trading around the $6800 range was around June 20th.
Coinmarketcap.com at press time showed the average price of Bitcoin at $6800 by considering several exchanges to be trading BTC at $7000. It considered Binance, Huobi and many other USDT paired exchanges to be trading at $7000.
A look at the exchange themselves revealed that Bitcoin did not go past $6800 range today. At 04:57 UTC, the BTCUSDT pair on Binance peaked at $6818 while on Huobi it peaked at $6800 unlike what was shown on coinmarket.com above. This minor $200 difference in trading price calculations in various exchanges has increased the average trading price of Bitcoin to $6825 on coinmarketcap.com.
Ethereum [ETH] at press time was trading at $483 with a market cap of $49 billion. Ethereum much like other currencies witnessed a higher trading volume from the Asian markets.
Like the BTCUSDT pairing price on coinmarketcap.com, the price for ETHUSDT shows the ETH price on Binance and other USDT paired exchanges to be above $500 increasing its average trading price to $494 (press time). As shown below, the highest price for ETH during today’s price jump was $492 (Binance).
Ripple in the past 24-hours witnessed a lower trading volume that Bitcoin Cash, Litecoin and EOS. Ripple has gained a 6.57% over the week to trade at $0.483 at press time. The Asian markets played a bigger role in the trading volumes in the past 24 hours with upto 40% of the recent trading volumes coming from exchanges like Coinbene, Bitbank, OKEx and others.
Does the current break above $6700 have enough steam to pull Bitcoin prices above the $7000 mark? According to some chart analysts like Joe Furbey, the admin of a trading group from London, this current price action was unconvincing. He says,
“Although Bitcoin broke through the critical $6750 price range, it did not manage to stay above it for a long time. A convincing break above $6800 would confirm a potential bullish action negating the current “bear trap” scenario.”
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