Bitcoin and Ethereum experienced drops in price due to various factors, including the latest U.S. inflation report and the 14-day relative strength index (RSI) falling below a certain level. Here are the key points:
Bitcoin:
– BTC/USD dropped to $29,376.80 from a peak of $30,093.44.
– The decline marks a retreat from the highest level since July 20.
– The 14-day RSI fell below 51.00, with a target floor of 41.00.
– If price strength reaches this level, BTC may fall below $29,000.
Ethereum:
– ETH/USD slipped to $1,845.49 from a high of $1,869.74.
– The recent volatility in ethereum is attributed to the RSI unable to break out of the 51.00 mark.
– Ethereum’s price strength is currently at 49.12, with price at $1,856.44.
Overall, both Bitcoin and Ethereum saw price drops due to various factors, including the inflation report and the RSI levels. The market is currently showing a bearish trend for these cryptocurrencies.
Bitcoin and Ethereum’s recent price drops highlight the importance of monitoring market factors and indicators, such as the inflation report and the RSI. Crypto investors should stay informed and make strategic decisions based on these factors to navigate the volatile market.
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.