Bitcoin: A Key Point of Support Tested
As a crypto reader, you should be aware that Bitcoin experienced a slight decline on Thursday, breaking below a crucial support level. The BTC/USD pair reached a low of $25,404.36 earlier in the day, just one day after reaching a peak of $25,953.02. Fortunately, bulls stepped in and pushed the cryptocurrency back up.
Currently, the price of BTC is trading at $25,701.34, marking the third consecutive day below $26,000. Despite the mostly bearish sentiment, the price has remained relatively stable, avoiding a drop below $25,000 so far. However, this stability could be tested in the coming week due to significant economic announcements in the United States.
Ethereum: Traders Struggle for Momentum
For four consecutive sessions, Ethereum (ETH) has been hovering near the support level of $1,630, with traders fighting to maintain market momentum. After reaching a low of $1,611.15 on Wednesday, the ETH/USD pair briefly spiked to a high of $1,656.93 before slipping back.
The 14-day relative strength index (RSI) is currently near its own floor at 36.00, indicating potential bearish pressure. If the index continues to decline, it could trigger a further decrease in price. It is highly possible that Ethereum may drop below $1,600 in the coming days.
Hot Take: Price Stability and Economic Announcements
Both Bitcoin and Ethereum have experienced fluctuating prices recently, testing key support levels. As a crypto reader, it is crucial for you to monitor these developments closely. The stability of Bitcoin’s price below $26,000 and Ethereum’s struggle to maintain momentum are noteworthy. Additionally, the upcoming economic announcements in the United States could have significant impacts on the crypto market. Stay informed and be prepared for potential fluctuations in the days ahead.
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