Bitcoin (+3.12%) recovered entirely from the drop suffered yesterday’s early morning, so now it is in similar levels as before the fall. We have to highlight also the strength of Dash (+7.32%), Ethereum(+5.76%), and Bitcoin SV (+3.23%). Market capitalization increased to $271 billion and Bitcoin dominance increased to 67.7%

Source: coinmarketcap.com

The heat map below shows the current situation of the crypto market for the last 24hours.

What is happening?

SEC publishes a Bitwise report on Bitcoin ETF’s. The Bitwise report says the market is ready for a regulated Bitcoin ETF and bases his conclusion on three factors: Bitcoin spot market is now efficient, Bitcoin custody is fully institutional, and regulated futures market are totally functional. Source: dailyhodl.com.

US House of Representatives Committee on Financial Services will have a hearing on Sept. 24 with SEC Chair Hay Clayton and four other SEC officials to discuss cryptocurrencies. Source: cointelegraph.com.

Latest cryptocompare.com report states that CME retains its leadership in the BTC futures market against Grayscale’s BTC product (GBTC). CME BTC has a volume of $5.9 billion in August while the GBTC contract showed 1.14 billion. The report also states the BitMEX perpetual BTC Future product had a volume of $51.8 billion, down 23% from July’s figure. Source eng.ambcrypto.com.

Mark Zuckerberg had dinner with several Democratic US representatives where he was received with lots of questions regarding privacy, regulatory. Source: cointelegraph.com.

Technical Analysis

Bitcoin



Bitcoin had a round trip day yesterday, as the substantial drop was counteracted by a sharp bounce that drove the price up to $10,380 and near the descending trendline. The following hours BTC has retraced a bit, as some early buyers are taking profits.

From the technical perspective, the price now moves in the upper side of the Bollinger bands, and the MACD has shifted to the positive side. That shows positive bias. On the other hand, the price has been constrained by the descending trendline( amber). Therefore this line must be breached for a healthy upward move.

Important supports: 10,150, 10,000

Key resistances: 10,200, 10,270, and 10,400

Ripple



XRP is moving sideways after its huge upward move. The price is finding support at the Bollinger band midline. MACD is reflecting it is correcting, but the price is making higher lows. The outlook is still bullish.

Key supports: 0.29, 0.285

Resistances: 0.30622, 0.31345

Ethereum



Ethereum is showing strength the whole week. Its consolidating periods less sharp and shorter than other coins. On the 4H chart, we see that the price is also held by the Bollinger band mid-line when retracing. The last candles show a healthy correction of the last impulsive candlestick. We see also that the volume has increased in the bullish candles while it is weak in the corrective bars.

Supports: 216.5 and 211.5

Resistances: 218, 222, and 236

LINK



Link has been moving upward, and the price follows the +1 Bollinger line, which is moving with a steep slope. The price is now retracing its latest bullish candle, but the bias is bullish.

Supports: 1.8 and 1.726

Resistances: 1.855 and 1.896