Bitcoin
Bitcoin (BTC) experienced a significant drop to a two-month low after Spacex sold off all of its BTC holdings. The cryptocurrency reached a high of $28,525.11 on Thursday but fell to a low of $25,409.11 on Friday.
- The sell-off coincided with the 14-day relative strength index (RSI) hitting its lowest level since January 2022.
- Bitcoin has rebounded slightly and is currently trading at $26,341.67.
Ethereum
Ethereum (ETH) also saw a notable decline, dropping below $1,600 after the Spacex news. ETH/USD reached an intraday low of $1,551.71, down nearly $200.00 from the previous day.
- Similar to bitcoin, the RSI for ethereum is now in bearish territory, indicating a potential opportunity for buyers.
- Ethereum has partially recovered and is now trading at $1,678.05.
Hot Take
The sell-off in bitcoin and ethereum following Spacex’s liquidation of BTC holdings highlights the impact of major players in the crypto market. While the RSI indicates a potential buying opportunity, it remains to be seen how the market will react in the coming days. Crypto investors should closely monitor these developments to make informed decisions.
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