Bitcoin Consolidates Gains
Bitcoin has paused its upward momentum and is currently consolidating gains after reaching a two-month high. The global market cap is slightly lower, but the cryptocurrency remains above the $28,000 level. Traders are taking profits following recent highs.
Bitcoin’s Price Consolidation
The price of Bitcoin against USD dropped to a low of $28,172.91 in today’s session, following a high of $28,889.01 the previous day. This consolidation comes after Bitcoin reached as high as $30,000 earlier this week.
The 14-day relative strength index (RSI) is hovering above the 62.00 level, indicating that price may continue to consolidate until either the support or resistance level is breached.
Ethereum’s Slight Gains
Ethereum (ETH) has made modest gains and is hovering around the $1,580 mark. After reaching a low of $1,554.40 on Tuesday, ETH/USD climbed to a peak of $1,584.73 during the day. However, momentum appears to be bearish as the 10-day moving average continues to trend downwards.
A resistance level at 49.00 awaits ETH’s price strength, and if it surpasses this level, there may be an influx of bullish sentiment.
Hot Take: Crypto Market Consolidates as Traders Capture Profits
In today’s session, both Bitcoin and Ethereum are experiencing consolidation as traders capture profits from recent gains. Bitcoin remains above the $28,000 level but is pausing its upward movement after reaching a two-month high. Ethereum is hovering around $1,580 with short-term bullish targets set at the $1,600 zone.
Traders are monitoring the support and resistance levels, indicated by the RSI and moving averages, to determine the next direction for these cryptocurrencies. The market is currently in a consolidation phase, waiting for a breakout or breakdown to establish a new trend.
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