See Ad Disclosure
Bitcoin BTC/USD was trading mostly flat during Friday’s trading session. The crypto has been unusually quiet over the month of August, trading mostly sideways between about $22,700 and $24,300.
The long-term consolidation within the horizontal pattern has helped Bitcoin to cool its relative strength index (RSI), which reached about 61% on July 28, after the crypto shot up over 12% between that day and the day prior.
Despite the low volatility, Bitcoin is trading in a clear and consistent uptrend on the daily chart, as is Dogecoin DOGE/USD and Ethereum ETH/USD, although Ethereum has been the strongest crypto of the three. So far this month, Bitcoin has gained just 3.65%, Dogecoin has risen about 4.8% while Ethereum has soared more than 14% higher since opening on Aug. 1.
The lack of movement in Bitcoin and Dogecoin is due to a lack of trading volume, which indicates a lack of interest even though the bulls are in control. Ethereum, on the other hand, has been gaining in popularity as the crypto approaches its planned merge date, which was bumped up to Sept. 15.
Ethereum Classic ETC/USD looks to be the crypto benefiting the most from the interest in Ethereum. The crypto surged over 20% between Wednesday and Friday.
If Bitcoin can catch bullish momentum over the weekend, Ethereum and other cryptos could follow suit.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Bitcoin Chart: Bitcoin’s most recent confirmed higher low within its uptrend was formed on Aug. 10 at $22,669 and the most recent higher high was printed at the $24,929 mark during Thursday’s 24-hour trading session. On Friday, Bitcoin fell lower to test support at the eight-day exponential moving average and bounced up from the level, perhaps printing the next higher low.
See Also: Did Fortune Favor The Brave? If You Invested $1,000 In Bitcoin When Matt Damon Said, You'd Have This Much Now
Photo: Tomasz Makowski via Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers’ terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.
