Bitcoin Slips from Two-Week High
Bitcoin experienced a drop from its two-week high, signaling the end of a four-day winning streak. The BTC/USD pair reached a low of $26,240.70 after peaking at $26,840.50 the day before. This decline occurred as bulls failed to maintain the upward pressure that had pushed Bitcoin to its strongest point since August 31.
The drop coincided with the relative strength index (RSI) failing to surpass the 53.00 level. Currently, the price strength is at 51.27, and there is a potential target floor of 41.00. To regain momentum, bulls will need to break out of the 53.00 level, which could push Bitcoin back above $27,000.
Ethereum Remains Above Key Support Level
Ethereum (ETH) saw marginal gains in today’s session and managed to stay above a crucial support level. After reaching a low of $1,613.25 on Friday, ETH/USD rose to an intraday high of $1,652.11 earlier in the day. However, it is currently trading at $1,637.80.
Similar to Bitcoin, Ethereum faced resistance at the 48.00 zone and failed to break out. The current price strength sits at 46.39, with volatility easing as the session progresses. Despite consolidation, there is potential for an upward cross of the 10-day and 25-day moving averages, which could drive prices higher in the coming days.
Hot Take: Crypto Market Experiences Pullback
The recent pullback in Bitcoin and Ethereum demonstrates the challenges faced by bulls in sustaining upward momentum. Both cryptocurrencies encountered resistance levels and were unable to break out. This has led to a decline in prices, with Bitcoin slipping from its two-week high and Ethereum consolidating above a key support level.
However, there is still potential for a recovery. Bulls will need to overcome the resistance levels and regain upward momentum to push prices higher. As the crypto market continues to fluctuate, it remains important for traders to closely monitor these key levels and indicators to make informed investment decisions.
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