Ahmed Ali Bitcoin and Ethereum faced downward pressure in today’s trading session. Bitcoin (BTC) fell below the $29,000 mark as bullish sentiment waned following yesterday’s gains. After reaching a peak of $29,988.00, BTC/USD dropped to an intraday low of $28,946.51. The relative strength index (RSI) failed to surpass the key level of 50.00 and bounced back from the floor at 42.00, currently standing at 42.79. However, BTC managed to climb back above $29,000.
As for Ethereum (ETH), it also experienced a decline, dropping below the support point of $1,850. ETH/USD hit a low of $1,822.35 after reaching a high of $1,860.19 on Wednesday. The RSI slipped below 45.00 and is now at 41.93. If the momentum continues to decrease, the next target price could be $1,795.
The drop in prices appears to be a result of traders securing profits after a failed breakout of a significant price level. This comes despite the bullish sentiment surrounding Microstrategy’s latest Bitcoin investment having already faded.
Looking ahead, the markets may consolidate as traders await Friday’s nonfarm payrolls report. It remains to be seen whether the markets will rebound before the report’s release.
Table of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency
What is the current status of Bitcoin and Ethereum prices?
Bitcoin (BTC) and Ethereum (ETH) are experiencing downward movements. BTC dropped below $29,000, while ETH fell below $1,850.
Why did Bitcoin and Ethereum prices decline?
The decline in prices came after a period of gains, leading traders to secure profits. A failed breakout of a key price point also contributed to the retreat.
What is the current Relative Strength Index (RSI) for Bitcoin and Ethereum?
As of the latest data, the RSI for BTC is at 42.79, while for ETH, it stands at 41.93.
Will Bitcoin and Ethereum prices rebound soon?
It is uncertain whether prices will rebound prior to the nonfarm payrolls report on Friday. Traders will closely monitor the market for any signs of a potential rebound.
Where can I get weekly price analysis updates for Bitcoin and Ethereum?
You can register your email to receive weekly price analysis updates for Bitcoin and Ethereum. Simply sign up for the Weekly Technical Analysis Report.
More about Cryptocurrency
- Bitcoin Price Chart
- Ethereum Price Chart
- Technical Analysis Guide
- Nonfarm Payrolls Report
- Weekly Technical Analysis Report Subscription
5 comments
wanna get those weekly analysis updates! sign me up, baby! btc gonna bounce back!
eth’s takin’ a hit too. thinkin’ bout that 1.8k support. rsi not lookin’ great either. hodl tight!
yeah, btc n eth down, but thas tradin’ life! got my eyes on that 29k mark for btc. let’s c if it holds!
btc n eth droppin’ again, bulls seem to b weak afta gains. support level breakin’ hurts. wats the rsi now?
traders lockin’ profits, no surprise. gotta stay tuned for payrolls tmrw. could be game-changer!