After Tuesday’s sudden pullback, the joint market cap of most cryptos plummeted to approximately $273 billion as bitcoin’s market dominance dropped to about 64.7%. Most of the market’s altcoins, such as Ethereum, also underwent substantial corrections during that period.
In the past few hours, many cryptocurrencies are showing strength by hovering close to their recent highs, with a report by Bloomberg indicating that bitcoin will retest its all-time high from 2017.
The report also highlighted the recent pick-up in BTC demand from institutional investors, as shown by the increase in the digital coins under management at Grayscale Bitcoin Trust.
Bitcoin Unable to close above $10k on the weekly chart
Bitcoin failed to break $10k in today’s trading, as some metrics pointed to likely pullbacks to under $9k. The top-ranked crypto is trading at $9,682, representing a 0.85% loss in value in the last 24 hours.
Bitcoin price charts show that BTC is in its third attempt to push the price action back across the $10,000 level after a period of lower lows.
Since August of last year, $10,500 is the price level at which bitcoin has been unable to close above on the weekly chart, and it is generally a level the king coin has struggled to sustain.
The key moving averages all point to the price trending to the upside, which is what would be expected for a market to be considered bullish. However, the higher high on the weekly chart remains a miss for the bulls, as the bears battle to take over.
Ethereum Expects Short-term Growth
Ethereum has seen relatively mild action since June 2, with the coin currently hovering around the $242 mark. However, if the bulls can propel the price above $253, the top altcoin, according to CoinMarketCap, could rally to $270 before encountering resistance at that level.
The conservative buying area is currently located near the $232 mark, so the breakdown of the 2nd ranked coin’s growth could be at the $225 level.
The daily ETH chart implies a test level of $233, with further growth expected to continue to the area above the level $ 265. This expected growth could be driven by the recent news of OKEx exchange launching their highly anticipated option contracts on Ethereum’s ETH two days ago.
Interestingly, open interest in ETH options listed on Deribit, the crypto exchange that holds the lion’s share of the options segment, has since skyrocketed by over 900%, according to research firm Skew.