Bitcoin
Bitcoin (BTC) has reached a two-month low following the release of the latest FOMC minutes report. The cryptocurrency dropped from a high of $29,192.26 to an intraday low of $28,376.50. This is the lowest point for bitcoin since June 21 when it reached $28,271. Here are the key points:
- The crossover between the 10-day and 25-day moving averages has reversed.
- The relative strength index (RSI) has fallen to its lowest level since March.
- If momentum continues to fall, the price could reach a floor of $27,600.
Ethereum
Ethereum (ETH) also experienced bearish sentiment, dropping to a multi-month low of $1,783.05. This occurred less than 24 hours after reaching a high of $1,826.82. Here are the key points:
- Ethereum’s RSI is currently in bear territory with a reading at 33.67.
- If the RSI reaches 30.00, ethereum may trade around a long-term support point of $1,750.
Hot Take
The recent drops in both bitcoin and ethereum indicate a bearish trend in the crypto market. Traders should closely monitor the moving averages and RSI for further insights into future price movements. It remains to be seen whether these cryptocurrencies will recover or continue on a downward trajectory.
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