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.
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.