Javier Hernandez Bitcoin and Ethereum are experiencing notable price movements as market volatility remains a key factor. Bitcoin is consolidating close to the important support level of $26,300, facing downward pressure from a death cross. The overall market sentiment is bearish, with the global cryptocurrency market cap declining by 1.58% at the time of writing. Ethereum also saw a decline after coming close to breaking above $1,900 on Wednesday.
Bitcoin Analysis
During Thursday’s trading session, Bitcoin (BTC) continued its consolidation as market volatility remained high, influenced by the upcoming Federal Reserve interest rate decision.
BTC/USD dropped to a low of $26,146.99 earlier in the day, following a trading price of $26,897.25 within the past 24 hours.
This move briefly pushed the world’s largest cryptocurrency below the crucial support level of $26,300.
On the daily chart (BTC/USD), we can observe that buyers stepped in to seize the opportunity and brought the price back above this support level.
Additionally, the relative strength index (RSI) has started to recover from a recent downward trend and is currently moving towards a resistance level at 47.00.
As of now, the RSI stands at 44.87, with the 10-day (red) moving average falling below its 25-day (blue) counterpart.
Ethereum Analysis
Furthermore, Ethereum (ETH) experienced a slight decline in the current session, following its attempt to break above the $1,900 level on Wednesday.
After reaching a high of $1,896, ETH/USD dropped to an intraday low of $1,822.30.
Consequently, Ethereum moved below a significant support level at $1,830 before buyers intervened to stabilize the price.
The daily chart (ETH/USD) shows that bulls reentered the market as the RSI found support around 47.00.
At present, the RSI stands at 48.52, slightly below a resistance level at 49.00.
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