Market Wrap: Bitcoin Makes Headway to $10.3K; Ether Volatility Highest Since May

Market Wrap: Bitcoin Makes Headway to $10.3K; Ether Volatility Highest Since May


Bitcoin is eking out gains Wednesday while ether’s volatility is up on DeFi drama.

Bitcoin (BTC) trading around $10,299 as of 20:00 UTC (4 p.m. ET). Gaining 2.7% over the previous 24 hours.

  • Bitcoin’s 24-hour range: $9,818- $10,349
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
  • Bitcoin trading on Coinbase since Sept. 7.

    Bitcoin is slowly making gains Wednesday, reaching as high as $10,349 as of press time. 

    Read More: Bitcoin’s Correlation With Gold Hits Record High

    “After the Sept. 2-3 drop, bitcoin has been stuck in a narrow range of $10,100 to $10,500, looking for direction,” said David Lifchitz, chief investment officer for crypto quantitative firm ExoAlpha. “Each drop below $10,000 has been furiously bought, keeping BTC above that,” he added.  

    Over the past week, traders have come in and scooped up sub-$10,000 bitcoin, with $9,800 being a level tested but retraced. 

    Bitcoin trading the past week.Source: TradingView

    While bitcoin is trending upward, the cryptocurrency needs volume to boost it further, Lifchitz added. “This is typical of a wounded asset recovering,”

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