Bitcoin
Bitcoin is currently trending lower, with the bears in control of the crypto market sentiment. The price of BTC/USD fell from a high of $28,148 to a low of $25,362.61 as a result of profit taking and the changing economic climate in the United States. Consumer spending is slowing and the labor market is tight due to increasing interest rates. Bitcoin has dropped below a key support point of $25,600, but bulls have reentered the market. Currently, BTC is trading at $25,818.66, with a target of $26,000 expected throughout the weekend.
Ethereum
Ethereum started the weekend on a mostly higher note after nearly falling below $1,600 on Friday. The price of ETH/USD peaked at $1,650.71 but has since dropped to $1,635.02. Ethereum has struggled to move above $1,650, which has been a point of price support. However, it managed to avoid dropping below $1,600 due to the relative strength index (RSI) colliding with a floor at 36.00. Currently, the price strength is at 37.04, with the next visible ceiling at 49.00.
Key Points:
- Bitcoin is trending lower as bears dominate the market sentiment.
- Profit taking and changing economic climate in the US are causing the decline.
- Ethereum started the weekend with mostly higher prices, but struggled to move above $1,650.
- ETH avoided dropping below $1,600 due to the RSI colliding with a floor at 36.00.
- Bitcoin is currently trading at $25,818.66, with a target of $26,000 expected.
Hot Take:
The crypto market continues to face volatility, with Bitcoin and Ethereum seeing fluctuations in their prices. While Bitcoin is experiencing a downward trend, Ethereum managed to hold its ground above $1,600. It will be interesting to see how these cryptocurrencies perform in the coming days and whether they can regain their previous highs. As an investor, it’s important to stay updated on market trends and make informed decisions.
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