Bitcoin Consolidates Amid Prospect of “Death Cross”
As a crypto reader, you may have noticed that Bitcoin continues to consolidate, with bulls staying on the sidelines despite the potential for a “death cross.” This term refers to an entangling between the 10-day (red) and 25-day (blue) moving averages. However, BTC/USD found support at $25,628.61, slightly lower than Tuesday’s high.
When examining the chart, you’ll see that the relative strength index (RSI) is flatlining near its own support at 35.00. Bulls have managed to prevent a drop below this level so far. But if it does happen, Bitcoin could fall below $25,000, which might be an opportunity for long-term investors to buy at a lower rate.
Ethereum Holds Steady Around $1,630 Level
Now let’s turn our attention to Ethereum (ETH). Despite attempts by bears to break below $1,600, ETH has remained close to the $1,630 level during today’s session. It bounced back from a low of $1,610.14 on Wednesday and reached a peak of $1,635.29.
Similar to Bitcoin, Ethereum’s 10-day (red) and 25-day (blue) moving averages are on the verge of crossing upwards, but the price has yet to react to this potential development.
Currently, Ethereum’s price strength is at 36.80, slightly above the floor of 36.00. However, traders are likely aiming for a ceiling of 44.00. If a reversal occurs in the coming days, surpassing this resistance level could propel ETH past $1,700.
Hot Take
While Bitcoin consolidates and Ethereum holds steady, the crypto market continues to present opportunities for both short-term and long-term investors. Stay vigilant and informed to make the most of these potential movements.
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