The majority of the market, and also Bitcoin, was in the green on Wednesday but it was ChainLink [+21.69%] that set the pace for green figures across the Top 15.
Bitcoin [+1.58%] was range-bound between $38,000-$42,000 on Wednesday and has been for a few days now.
Ethereum too concluded Wednesday in the green but traded sideways compared to the green figures it painted over Monday and Tuesday.
Is the media impacting the price of BTC?
There were days early on in the Bitcoin space when it was the only cryptocurrency and you could consume all of the news about Bitcoin within an hour each day, today however is quite the opposite.
Today, there is far more news, the stakes are much higher and often the price can move on a whim.
After 2 weeks of terrible news about Bitcoin the tide turned this week and it’s been nothing but positive press across the market. The price has responded positively thus far.
Over the past couple of days, Michael Saylor and Elon Musk announced a meeting to work on a plan to make Bitcoin mining even cleaner.
Not to be outdone, fellow billionaire Ray Dalio announced publicly for the first time that he owns Bitcoin.
After BTC lost 53.75% over a 3 week period and the bulk of those losses emerging over a few day timespan, the positive Bitcoin news train is welcomed.
Oddly, the price didn’t pump much at all on the announcement Wednesday that PayPal will begin allowing users to withdraw their crypto purchased on the platform for the first time.
This announcement came on Wednesday at Coindesk’s 2021 Conference. There wasn’t an ETA given on when withdrawals will be phased-in to the service.
Bitcoin Price is green
Bitcoin closed Wednesday’s daily candle at $39,204. The tug of war between $38k-$42k is ongoing. Until bulls reclaim territory above $42k, bears can still argue they’re in charge.
The 24 hour range is $37,347 to $40,801. BTC has posted $45.8 billion in volume for the last 24 hours.
The 7 day LOW is $34,977 and HIGH is $40,447. The Bitcoin market cap is $720.7 billion and has gained over $100 billion already since the bottom of the recent retracement.
There are 18,719,062 BTC in circulation at the time of writing with a finite cap of 21 million units.
The MACD on Bitcoin is showing that the negative momentum’s beginning to wane but BTC is still -40% from its ATH [$64,804] made on April 14th and has a lot of work cut out overhead on the charts for bulls to again have control.
Ethereum is edging closer to $3k again after dumping all of the way below $2k on the recent capitulation event.
There really isn’t much historical resistance at all overhead for ETH, it could run to $3k and then to $3,500 pretty quickly if BTC just trades sideways at a minimum.
Ethereum’s total market capitalization is $316.4 billion. ETH’s 24 hour LOW is $2,533.88 and HIGH is $2,928.
At the time of writing there are 116,034,934 ETHER in circulation with no supply cap.
Ethereum is -37.2% from its ATH [$4,356] made on May 12th.
ETH had a daily close of $2,894.
The total crypto market capitalization closed Wednesday’s candle at $1.77 trillion, $6 billion higher than Tuesday’s daily close.