Bitcoin Profit Takers Capture Recent Gains
Bitcoin experienced a decline on Wednesday as profit takers swooped in to secure recent gains. The cryptocurrency dropped below its recent high of $35,000, reaching an intraday low of $33,278.40 before bouncing back to $34,246.74. This pullback may be attributed to the relative strength index (RSI), which was overbought at 89.00 on Tuesday and is now at 87.22. Traders are waiting for Federal Reserve Chair Jerome Powell’s speech to determine the next move for Bitcoin.
Ethereum Retreats Below $1,800 Level
Ethereum also experienced a decline on Wednesday, breaking its six-day winning streak and falling below the $1,800 level. After reaching a high of $1,852.68, Ethereum dropped to a low of $1,758.69 before rebounding slightly to $1,784.57. Despite being overbought with an RSI above 70.00, the overall sentiment for Ethereum remains positive, with the 10-day moving average showing an upward trend against the 25-day moving average.
Hot Take: Bitcoin and Ethereum Experience Pullbacks Amid Profit-Taking
Bitcoin and Ethereum both experienced declines as traders sought to secure recent profits. The RSI levels for both cryptocurrencies indicate potential reversals in price momentum. The upcoming speech by Federal Reserve Chair Jerome Powell may provide clarity for traders and determine whether the current pullbacks will continue or if there will be renewed bullish momentum. Overall sentiment remains positive for Ethereum despite its retreat below the $1,800 level.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.