Monday, May 29, 2023

The price of Bitcoin dropped on Tuesday, as people were waiting for new figures about shopping sales in the USA. After two months of going down, it looks like the shopping activity will get better and prices won’t rise so much. Ethereum stays above $1,800.

Analysts Watch United States Spending as Bitcoin Price Declines

Today, the market for Bitcoin (BTC) stayed steady as people waited to see the newest figures about how much money was spent during April in United States stores. Analysts think that spending might go up a bit, after dropping two months in a row due to falling inflation. At first, BTC/USD traded for around $27,646.35 each but then it decreased to $26,878.95 on Tuesday. After that, it got back up and is currently being sold at $27,097.23 per coin.

Today’s drop in price happened because it failed to break the 42.00 mark on the RSI. This index is now at 41.06, and if things keep going down, the lowest point could be 38.00.

800 Resistance Point Reached

Ethereum (ETH) was pretty steady yesterday, despite having a tiny dip below $1,800. At its highest point during the day, ETH/USD had reached $1,845.70, and right now it’s trading around $1,817.12. There has been a kind of price limit or “price floor” at $1,820 since Wednesday – which came after six days in a row when prices were going down.

The price of cryptocurrencies like Bitcoin and Ethereum have been fluctuating recently. We’re just below a key resistance point, so if we pass that price point which is 45 dollars, the price is likely to climb up to $1,900. Want to get weekly updates on crypto prices sent directly to your email? Just register here! Do you think these prices will keep increasing this week? Let us know in the comments section!


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