Bitcoin and Ethereum experienced notable movements in the cryptocurrency market on Jul 21. Bitcoin fell below the crucial $30,000 level during today’s session, marking a decline from its recent surge following the XRP ruling a week ago. Profit-taking activities contributed to the fading momentum in the market.
Bitcoin (BTC) was in the red on Friday, slipping below the $30,000 level after reaching a high of $30,406.45 on Thursday. The cryptocurrency hit a low of $29,638.10 earlier in the day, approaching the one-month low of $29,525 set on Tuesday. The relative strength index (RSI) dropped below a significant support point at 49.00, currently showing a price strength of 48.09, with potential sellers aiming for the 46.00 mark. The 10-day moving average (red) has started to separate from the 25-day moving average (blue), signaling a potential upcoming downturn.
As for Ethereum (ETH), it experienced a strong rebound on Thursday but saw a decline in today’s session. The ETH/USD pair reached a bottom at $1,879.73 after peaking around $1,920 the previous day. The Friday sell-off briefly pushed Ethereum below the support level of $1,880, but bulls intervened to stabilize this floor. Unlike Bitcoin, Ethereum’s 10-day moving average remains upward-facing, indicating a potential bullish sentiment in the market. To confirm this theory, there needs to be a breakout on the RSI, particularly above the ceiling at 52.00. The current RSI value is at 49.86.
Traders and investors are closely watching the price movements, wondering whether Ethereum will climb back above $1,900 during the week. For those interested in weekly price analysis updates, they can register their email to receive the Weekly Technical Analysis Report.
Frequently Asked Questions (FAQs) about cryptocurrency market analysis
Question: What happened to the cryptocurrency market on July 21?
Answer: On July 21, the cryptocurrency market experienced a decline, with Bitcoin falling below the $30,000 level. This followed a week of surges triggered by the XRP ruling, but momentum faded due to profit taking. Ethereum also faced a decline on the same day.
Question: What were the specific price levels for Bitcoin and Ethereum on July 21?
Answer: On July 21, Bitcoin reached a high of $30,406.45 and dropped to a low of $29,638.10, close to the one-month low of $29,525. Ethereum hit a bottom at $1,879.73 after peaking around $1,920 on the same day.
Question: What indicators were analyzed for Bitcoin’s price movement?
Answer: For Bitcoin, analysts observed the relative strength index (RSI) dropping below a key support point at 49.00, with a current price strength of 48.09. The 10-day moving average started separating from the 25-day counterpart, possibly indicating an upcoming downturn.
Question: What indicators were considered for Ethereum’s price movement?
Answer: Ethereum’s upward-facing 10-day moving average suggested a potentially bullish sentiment. To confirm this, analysts were watching for a breakout on the RSI above the ceiling at 52.00. The RSI value at the time was 49.86.
Question: Will there be weekly price analysis updates available?
Answer: Yes, you can sign up and register your email to receive weekly price analysis updates, including technical analysis reports for the cryptocurrency market.
More about cryptocurrency market analysis
- Bitcoin Technical Analysis
- Ethereum Price Charts
- Cryptocurrency Market Updates
- Understanding Relative Strength Index (RSI)
- Moving Averages Explained
- XRP Ruling and Cryptocurrency Market
- Profit Taking in Crypto Trading
- Weekly Technical Analysis Reports Subscription