Proactive Investors - Bitcoin (BTC) peaked at $27,400 on Monday before selling pressure sent the world’s largest cryptocurrency lower to close the session at $26,760.
It was still a solid day for bitcoin, having added 0.9% against the US dollar altogether.
Monday marked the first time bitcoin surpassed $27,000 this September- historically the worst month on record for crypto as a whole.
The BTC/USDT pair remained stable in today's Asia trading window, adding another quarter percent to bring bitcoin’s spot price above $26,840.
Bitcoin is now over 3.5% higher month to date, bucking the long-running Septem'bear' trend.
The bulls could struggle to regain $27,000 in the short term though, considering the strong degree of selling pressure at this price point, per Binance’s order book.
BTC/USDT remains 1.7% down over six months
Recent strength in the spot markets was partially attributed to an uptick in market activity.
Matteo Creco, research analyst at Fineqia, explained that “cumulative daily volume on centralised exchanges, calculated on a seven-days moving average, surpassed $10 billion, reaching $11.3 billion in the period from 10th to 17th of September. This represents a 19% increase compared to the $9.5 billion recorded seven days before”.
On the Ethereum (ETH) front, the world’s second-largest cryptocurrency surged to a September high of $1,670 on Monday before correcting back to $1,636 by the end of the session.
This morning, ETH/USDT inched higher to $1,637.
Among the other blue-chip altcoins, Ripple (XRP) has pulled ahead of the market by posting over 7% in weekly gains, though Toncoin (TON) is easily the top performer, having added over 40% week on week.
Cardano (ADA), BNB and Dogecoin (DOGE), on the other hand, remain subdued, posting less than 5% in gain each.
Global cryptocurrency market cap is slightly below $1.07 trillion following a 0.7% overnight increase, with bitcoin dominance sitting strong at 50%.
Read more on Proactive Investors UK
