Bitcoin Slips as Traders Retreat Amid Escalating Middle East Tensions
Bitcoin (BTC) experienced a second consecutive session of decline as tensions in the Middle East escalated, causing traders to move away from high-risk assets. After reaching a peak of $27,999.55 on Sunday, BTC/USD dropped to an intraday low of $27,445.89. The cryptocurrency has been gradually decreasing since Friday, failing to break above the $28,300 resistance level.
The current momentum suggests a bearish shift, with bitcoin heading towards a support level at $27,000. The 14-day relative strength index (RSI) has been declining and is now at 54.35, moving away from its resistance at 60.00. If bears push BTC below $27,000 in the coming days, the RSI target of 45.00 will likely need to be reached.
Ethereum Suffers Heavy Losses Below $1,600
Ethereum (ETH) experienced significant losses as it fell below the $1,600 zone at the start of the week. ETH/USD reached a bottom of $1,590.34 before rebounding slightly from its peak of $1,638.90 the previous day.
Sellers are currently aiming to push Ethereum to a floor at $1,560 before potentially taking profits. The cryptocurrency is trading at a two-week low with the RSI hovering around its weakest point since late-September at 41.65. Price strength has slipped below the 43.00 support level.
Hot Take: Bitcoin and Ethereum Decline Amid Escalating Middle East Tensions
The recent decline in both Bitcoin and Ethereum can be attributed to escalating tensions in the Middle East, which have prompted traders to seek safer assets. Bitcoin failed to break above the $28,300 resistance level and is now heading towards a support level at $27,000. Ethereum, on the other hand, suffered heavy losses and fell below $1,600. Both cryptocurrencies are currently experiencing bearish momentum. As geopolitical uncertainties persist, it remains to be seen how these digital assets will perform in the coming days.
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