Bitcoin: Falling Below $29,000
Bitcoin (BTC) is facing a critical moment as it approaches the $29,000 mark. Here are the key points:
- Bitcoin dropped to its weakest point since June 21, falling below $29,000.
- Currently, the relative strength index (RSI) is at 42.93, indicating selling pressure.
- If the RSI reaches the 41.00 mark, BTC could trade around $28,800.
- The overall decline in BTC price is over 3% compared to last week.
- Traders are closely monitoring economic data this week for potential market impact.
Ethereum: Slipping Below $1,900
Ethereum (ETH) is also experiencing a downward trend. Here are the key points:
- Ethereum dropped below $1,900, reaching a multi-week low.
- The 10-day and 25-day moving averages have crossed over, indicating potential bearish sentiment.
- The RSI is at its lowest point since June 19, suggesting further downward pressure.
- Bears may attempt to push ETH below the $1,800 mark in the coming days.
- Traders are advised to closely monitor the market and be cautious with their investments.
Hot Take: Both Bitcoin and Ethereum are facing significant challenges as their prices continue to decline. Traders should closely follow market indicators and economic data to make informed decisions. It remains to be seen how these cryptocurrencies will perform in the coming days.
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