Monday, May 20, 2024

Bitcoin (BTC) tumbled below the $30,000 threshold on Wednesday, reacting to the recent U.S. retail sales report. The sales grew by 0.2% last month, surpassing the projected increase of 0.5%. In contrast, Ethereum (ETH) demonstrated strength, bouncing back over $1,900.

Bitcoin

BTC dipped under the $30,000 line on Wednesday, subsequent to the release of the most recent U.S. retail sales figures.

Having reached a high of $30,184.18 on Tuesday, BTC/USD slumped to an intraday low of $29,556.43 earlier today.

This drop came amidst a five-day streak without any gains, which began shortly after BTC’s approach towards $32,000 last week.

Bitcoin chart by TradingView

However, bullish traders have begun to push back, and Bitcoin has since risen above $30,000, assisted by the relative strength index (RSI).

The RSI found a supportive point at the 50.00 level and has resisted surpassing this level up to now.

One potential issue for bullish traders is a recent negative crossover between the 10-day (red) and 25-day (blue) moving averages, which might lead to a future sell-off.

Ethereum

On Wednesday, Ethereum (ETH) saw a slight dip as it momentarily broke the $1,900 barrier.

ETH/USD fell to a low of $1,878.72 earlier in the day but later registered a high of $1,918.12.

Much like Bitcoin, Ethereum was on a downward trend for five consecutive days, until the rebound on Wednesday.

Ethereum chart by TradingView

According to the chart, the RSI seems to be approaching a maximum of 55.00 after today’s rebound, which might push ETH towards a critical price point.

The goal appears to be the $1,930 level, which was last achieved during the weekend trading session.

Should this cap be breached, Ethereum might have a significant opportunity to surge towards $2,000.

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Do you believe Ethereum could reach $2,000 this week? Share your views in the comments below.

Frequently Asked Questions (FAQs) about Bitcoin and Ethereum Performance

How did Bitcoin’s price move following the US retail sales report?

Bitcoin slipped below the $30,000 mark in response to the latest U.S. retail sales data. After reaching a high of $30,184.18 the previous day, BTC/USD fell to an intraday low of $29,556.43.

How did the US retail sales report impact Ethereum’s price?

Despite the market’s reaction to the U.S. retail sales report, Ethereum showed resilience. It dipped slightly, breaking out of the $1,900 level temporarily, but rebounded to record a high of $1,918.12.

What was the trend for Bitcoin and Ethereum before this recent move?

Both Bitcoin and Ethereum had been on a downward trend for five straight days before the recent price changes. Bitcoin had been experiencing a win-less run, whereas Ethereum managed to bounce back on the current day.

What is the potential future scenario for Ethereum’s price?

If Ethereum’s relative strength index continues to climb, the crypto may reach a key price point around $1,930, last seen during the weekend trading. If this ceiling is surpassed, Ethereum might have a good chance of approaching $2,000.

More about Bitcoin and Ethereum Performance

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5 comments

DayTraderDave July 20, 2023 - 5:21 am

That cross between the 10-day and 25-day moving averages on BTC has me worried though. Might see more bearish action soon. But fingers crossed… Hope it’ll bounce back up.

Reply
EtherealFan101 July 20, 2023 - 6:56 am

It’s funny to see BTC struggle while ETH showing resilience. Looks like Ethereum’s technology and wider application will outshine Bitcoin eventually!

Reply
BlockchainBooster July 20, 2023 - 4:59 pm

technical analysis is interesting, but we should also consider the fundamentals. the potential of crypto goes beyond these daily price movements

Reply
CryptoBull23 July 20, 2023 - 5:23 pm

This is crazy, man. Bitcoin has been like a roller coaster ride this year! But hey, i ain’t selling… i believe in the technology… and the gains lol

Reply
HodlForever July 20, 2023 - 6:01 pm

am I the only one still bullish on btc despite this dip? dips are just opportunities to buy more. Diamond hands guys, diamond hands…

Reply

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