By Tuesday, September 1st, around 5:00 UTC, the bulls stepped in, pushing BTC’s price up over 3%. The spike in demand for the pioneer cryptocurrency saw it take another aim at the infamous $12,000 resistance level. Bitcoin rose to a high of $12,086 later that day, but this supply barrier strongly rejected the upward price action.
What followed was an 18.13% correction that extended towards the end of the week. By Friday, September 4th, around 14:00 UTC, the bellwether cryptocurrency had broken below the $10,000 support level and was trading at a low of $9,895.22, marking the lowest price point of the week. However, BTC did not stay there for long.
It seems like this price hurdle was seen as a “buy the dip” opportunity for many sidelined investors. The increasing buying pressure pushed Bitcoin back up by 5.88%, allowing it to regain the $10,000 level as support. BTC was able to close Friday trading at a high of $10,477.13. The downward pressure seen over the entire week caused investors a negative weekly return of 10.57%.
Ethereum Makes New Yearly Highs But Suffers Massive Rejection
As a new monthly candlestick opened, Ethereum showed signs that it wanted to break above $500. Indeed, the smart contracts giant entered Monday’s, August 31st, trading session at a low $428.92 and immediately began climbing. By Tuesday, September 1st, at 22:00 UTC, Ether had made a new yearly high of $488.95.
While the market seemed to have entered a FOMO state after such a milestone, data reveals that the so-called whales began dumping their tokens on unaware crypto enthusiasts. The substantial spike in selling pressure by these large investors was quickly reflected in prices. As a result, Ethereum entered a massive downtrend that was seen throughout the rest of the week.
The second-largest cryptocurrency by market cap lost nearly 27% of its market value after making a yearly high of $488.95. By Friday, September 4th, at 14:00 UTC, ETH had reached a weekly low of $359. Despite the rising number of sell orders behind this altcoin, the $359 price hurdle was able to hold and contain falling prices at bay.
The rejection from this critical support level resulted in an 8.19% upswing throughout the week’s last ten hours. The bullish impulse was able to send Ether up to close the week at a high of $388.21. Investors who held this cryptocurrency throughout the week came out with a negative weekly return of 9.44%.