Bitcoin
Bitcoin briefly fell below the $26,000 level on Friday as you prepared for Jerome Powell’s speech. BTC/USD dropped to an intraday low of $25,914.93 earlier in the day, following a high of $26,406.15 on Thursday. The decline brings bitcoin closer to its recent support point of $25,600, a level it has tracked for most of the week.
- The decline in bitcoin’s price follows the inability of the 14-day relative strength index (RSI) to move beyond a ceiling of 30.00 during yesterday’s session.
- As of writing, the price strength is at 25.89, indicating oversold conditions and the possibility of further decline to a floor of 20.00.
Ethereum
Ethereum (ETH) also slipped today as the world’s second largest cryptocurrency moved below a recent price floor. After reaching a high of $1,668.82 on Thursday, ETH/USD dropped to $1,641.63 earlier in the day. This caused ETH to slide below a support level at $1,650, which has shown high volatility.
- Similar to bitcoin, today’s drop in Ethereum’s price occurred after the RSI hit a resistance point of 33.00 on Thursday.
- The RSI currently stands at 30.66, with the next significant support level over 10.00 points away.
Hot Take
The prices of both Bitcoin and Ethereum experienced a decline today, signaling a potential downward trend. The failure of the RSI to break through resistance levels suggests bearish momentum. It remains to be seen whether these cryptocurrencies will find new support levels or continue to slide. As a crypto reader, it’s important to stay informed about market trends and monitor key indicators to make informed investment decisions.
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