The global crypto market was down this week a bit as sellers have become more active in the market. Most cryptos are traded in the red. Bitcoin started the week trading at the $19,000 range but fell to the $18,000 level in the mid-week.
Bitcoin (BTC) was more than 71 per cent down from it's all-time high by touching its lowest since July 12 as investors moved away from the riskier assets. One of the reasons for the downward trend could be because of the long US Labor Day holiday weekend.
But, the market started showing some signs of recovery on Thursday and scaled up aggressively on Friday. BTC rose by nearly 10 per cent and regained its $21,000 position back. This means that buyers are now ready for the midterm rise. If bulls can hold BTC above the $20,575, we could also see it trade above the $22,400 level soon.
The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending its previous weekend’s steadiness into the early week.
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