Bitcoin Plunges to Three-Month Low
Bitcoin experienced a significant drop in its price, reaching a three-month low below $25,000. The cryptocurrency’s value fell to a bottom of $24,930.30, the lowest it has been since June 15. However, Bitcoin has since rebounded, with its price peaking at $26,258.05.
The decline in Bitcoin’s price was accompanied by a brief dip in the 14-day relative strength index (RSI) below 35.00. Following the drop, bulls reentered the market and bought the dip, resulting in a current RSI reading of 46.50. The next point of resistance is expected to be at the 52.00 mark, and if the price strength reaches this level, Bitcoin could surpass $26,500.
Ethereum Hits Multi-Month Low
Ethereum also faced a period of high volatility, dropping to a multi-month low of $1,533.43 before rebounding to its current trading price of $1,619.11. This is the lowest level Ethereum has reached since March 12, when its price was below $1,500.
The recent rally in Ethereum’s price caused the RSI to move away from the oversold zone, currently sitting at 41.52. This is slightly above the 41.00 ceiling, and short-term bulls are aiming for a level of 50.00 as their target.
Hot Take: Cryptocurrency Market Experiences Volatility
The cryptocurrency market has seen significant volatility, with both Bitcoin and Ethereum facing notable price drops. However, both cryptocurrencies have managed to rebound from their respective lows. Bitcoin’s price reached a three-month low but has since recovered, while Ethereum hit a multi-month low before experiencing a rally. The market’s reaction to these price movements shows the presence of both bearish and bullish sentiment. It remains to be seen how the market will continue to evolve in the coming days, as investors closely monitor the performance of these major cryptocurrencies.
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