Market roundup – Bitcoin price prints $12k, Ethereum price hits 2-year highs

  • The world's largest digital coins are traded volatile this weekend

  • Bitcoin price hovered above the $ 12,000 mark to print a 1-year high before losing $ 1,500 in 15 minutes

  • Ethereum still looks strongest after hitting a new 2-year high above $ 400

The cryptocurrency market was volatile over the weekend. Bitcoin price hovered over $ 12,000 for the first time in a year, while Ethereum hit its highest since August 2018.

Overall, nearly $ 1.5 billion was liquidated on major crypto exchanges after the world's largest digital assets crashed within 15 minutes of printing new highs before finally rising again.

Bitcoin – $ 1 billion liquidated in 15 minutes

The price of Bitcoin (BTC) rose over 4% yesterday and closed over $ 11,800. Inspired by a strong daily close, buyers accelerated the rally by pushing price movements north of $ 12,000 before the world's largest digital coin spectacularly retreated.

Bitcoin price dropped from $ 12,100 to below $ 10,600 in 15 minutes overnight. Given that the $ 11,500 zone is the former resistance – now support – the late BTC buyers took this opportunity to get to the long side. The price action then quickly returned to over $ 11,000.

Bitcoin price daily chart (tradingview)

There doesn't seem to be a clear reason why BTC's $ 1 billion BTC was liquidated in such a short time. A possible justification might be that some of the larger players used a trip over $ 12,000 to collect their winnings.

Alternatively, this step took place over the weekend when liquidity is low, making explosive movements more likely under these market conditions.

Looking ahead, the bulls lagged behind the 161.8% Fibonacci extension line above $ 12,300. This was the goal of buyers after eliminating the $ 10,500 resistance that will now act as a strong support line.

Ethereum has two-year highs

It's no secret that the price of Ethereum (ETH) has looked stronger than that of Bitcoin lately. Given the close correlation of these two digital assets, the Ethereum bulls managed to do what their BTC counterparts had not achieved.

One of the possible reasons for this is that retail investors are exchanging bitcoins for Ethereen. The supply of tokenized bitcoin (BTC) increased by more than 70% in July. As a result, nearly $ 100 million bitcoins moved to Ethereum in July.

Ethereum Price Daily Chart (TradingView)

On the way up, the ETH bulls marked the Fibonacci extension line at 161.8% near $ 415. This signals that Ethereum is in better shape than the world's largest digital coin by market value. The higher high also meant that Ethereum's withdrawal was milder.

Similarly, Ethereum buyers used this $ 325 withdrawal to buy ETH and push it up again. The $ 400 zone is also home to a strong confluence of horizontal resistance levels. Therefore, we can expect this area to be a tough nut to crack.

XRP is fighting its own fight

The price of ripple (XRP) has also exploded, following Bitcoin and Ethereum higher. The bulls pushed the price move to $ 0.3250, a new 5-month high for Ripple. More importantly, the price action marked the weekly moving average of 100 periods for the first time in a year.

Ripple Price Daily Chart (TradingView)

A closing price above this technical indicator could spark more buying interest in XRP. In this case, the bulls are likely to move to $ 0.3450, where the 2020 highs are. A long-term goal for buyers is the 2-year trend line, which is just below the $ 0.40 mark.

Bitcoin SV – the weakest link?

The price of Bitcoin SV (BSV) rose to pressure levels above $ 250. This is the highest price promotion since February this year. The $ 250 zone is home to two major resistance levels – horizontal resistance and the 127.2% Fibonacci extension line.

Bitcoin SV Price Daily Chart (TradingView)

However, it looks like BSV is also most likely to be pulled back as it is currently more than 10% lower that day. If the bulls don't close above the horizontal resistance / support line at $ 227, a deeper pull may come next week.

The bullish scenario for BSV is based on a break from $ 255 to $ 286 – the Fibonacci resistance level of 161.8%.

Chainlink sees new heights

The price for Chainlink (LINK) is similar to a classic "buy the dip" scenario. A key feature of strong upward trends is that investors use every slump as an opportunity to get on the long side. After gaining more than 6.5% yesterday, LINK investors pushed price movement further up to bring them closer to last month's record highs.

Chain Link Price Daily Chart (TradingView)

Today's drop below the $ 7.00 mark was used again to buy LINK and rose over 20% to $ 8.52 where it is currently trading. The all-time high is $ 8.90 as buyers envisage a move north of the $ 9.00 hold.

Summary

  • Nearly $ 1.5 billion was liquidated on major crypto exchanges after the world's largest digital assets crashed in just 15 minutes.
  • Before this flash crash, Bitcoin and Ethereum rose to print new 1-year and 2-year highs, respectively.
  • The XRP buyers are struggling to close above the large long-term resistance.
  • Bitcoin SV is trading around 10% lower that day, indicating a potential weakness for a deeper retreat
  • The outlook for the LINK price continues to be positive as buyers aim for new record highs above $ 8.90



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