Bitcoin: the price trend against the USD
Once again, the weekend saw another record low trend in trading volume: for the queens Bitcoin and Ethereum, the value of trades accumulated between Saturday and Sunday was actually the lowest in the last quarter, both against the USD and overall.
To find a week with total real trades on the major exchanges like last week, one has to go back to the end of 2019.
With these conditions comes an increased risk that one or more well-capitalized traders can easily influence the price movement. And in all likelihood that is what may have happened between yesterday afternoon and evening.
In just a few hours, the prices of Bitcoin and Ethereum rose more than 5%. For the whole week, the fluctuations only managed to move prices up or down three times, with deviations above 1% and still below 2%.
The shakeout set an upward swing that followed prices above Monday’s opening price, sending Bitcoin and Ethereum to close positive in the weekly performance, driving much of the major symbols of capitalization.
Notable among the signs of distress are alternative blockchains struggling to keep up despite slow and low volatility in recent weeks.
Among the worst performers blue chips are Polkadot (DOT) and Solana (SOL) tokens, which are losing more than 5% weekly. They are followed by XRP (XRP) and Cardano (ADA), both falling more than 2%, with the latter halving its value in two months to reach $0.330, its lowest levels since January 2021.
Performance of Bitcoin’s value
The increase in intraday volatility is gently affecting monthly volatility by moving a few decimal places away from the bottom touched last week, the lowest levels in two years.
The hike in the second half of the day yesterday, Sunday, October 23, registered an increase of 366 points/dollar, after the number the best performance in 20 days.
Despite this, the price is on Bitcoin has not broken out of the trading range that has held price swings since early October.
This reason does not change the operational approach in recent days and is repeatedly indicated in previous update articles on these pages.
Ethereum (ETH) price trend
It’s the same for Ethereum (ETH) that while recording the best daily performance in the last month (+3.8% = 50 points/dollar) its price briefly manages to break above the short-term resistance at $1,350, an operational level indicated in the last update on Friday.
At the moment for ETH, yesterday’s increase in intraday volatility has not affected monthly volatility, which remains at the lowest levels since May 2021. This detail indicates how the current phase is characterized by price movements that are suffocated within a small price range.
The technical picture remains unchanged, but one must continue to be vigilant. Yesterday’s move was perhaps just a test.
