Bitcoin Consolidates as Sentiment Shifts Bearish
Bitcoin (BTC) took a breather on Wednesday as traders eagerly awaited the release of last month’s FOMC minutes. The day started with a drop in BTC/USD to an intraday low of $30,656.03, following a previous peak at $31,106.00. This decline pushed bitcoin further away from its recent one-year high of $31,443.
The change in sentiment is evident, with the relative strength index (RSI) failing to break through the ceiling at 70.00. Currently, the price strength stands at 63.76, slightly below the support point at 63.99. If the current downward momentum continues, a potential collision could occur in the coming days, with the next visible floor at 59.00.
Ethereum Sees Consecutive Red Sessions
Ethereum (ETH) also experienced a second consecutive session in the red as it struggled to sustain a breakout above a key price ceiling. After reaching a high of $1,964.89 on July 4, ETH/USD dropped to a low of $1,920.79 earlier today. This downturn followed Monday’s failed breakout of the $1,970 resistance level.
The RSI for Ethereum also fell below its ceiling at 61.00 and currently sits at 57.54. Bears had anticipated a shift in momentum after the price strength entered overbought territory in the past two weeks. However, there is still potential for bullish sentiment to return following the release of this afternoon’s report.
Key Points:
– Bitcoin’s price dropped from its recent one-year high of $31,443.
– The RSI failed to break through the ceiling at 70.00, indicating a shift in sentiment.
– Ethereum struggled to sustain a breakout above the $1,970 resistance level.
– The RSI for Ethereum fell below its ceiling at 61.00, suggesting a potential shift in momentum.
– Traders are eagerly awaiting the release of the FOMC minutes and this afternoon’s report.
Hot Take:
The recent consolidation and downward momentum in both Bitcoin and Ethereum have left traders feeling bearish. However, there is still hope for a bullish return, especially with the upcoming reports and analysis. It’s important to stay updated with the latest developments and monitor the price movements closely. Keep an eye on the support and resistance levels to make informed trading decisions.
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