Bitcoin Falls Below $26,000 as U.S. Traders Return
Bitcoin has experienced a further decline below the $26,000 level as U.S. traders resume trading. Today, BTC/USD reached a low of $25,589.99 after starting the week at a high of $25,945.42.
Although bitcoin briefly dropped below the support point of $25,600, bulls quickly stepped in to reject this breakout. Currently, BTC is trading at $25,754.25, with the relative strength index (RSI) finding support at a reading of 36.19 after resisting a breakout from a floor of 35.00.
If bulls manage to rally beyond the ceiling at 39.00, it is likely that BTC will rise above $26,000 once again.
Ethereum Consolidates Around $1,630
Ethereum (ETH) is currently trading around a floor of $1,630 after rebounding from an earlier breakout. It started the day at a low of $1,610.14 and reached a peak of $1,635.29 on Tuesday.
Since August 17, ethereum has mostly hovered around this point after experiencing a price drop that took it below $1,600. The consolidation has led to the 10-day moving average nearing the 25-day moving average, increasing the possibility of an upwards cross.
Long-term bulls are likely looking for this technical occurrence as validation for buying the current dip.
Hot Take: Bitcoin and Ethereum Face Resistance Levels
Bitcoin and Ethereum are facing resistance levels as they attempt to recover from recent dips. Bitcoin’s resistance level is set at $26,000, while Ethereum’s resistance level is around $1,635.29. Bulls will need to rally beyond these points in order to see significant upward movement.
However, both cryptocurrencies have shown resilience in rejecting breakouts and finding support at key levels. This suggests that there is still bullish sentiment in the market and a potential for further recovery.
Investors should closely monitor these resistance levels and the RSI readings for signs of a breakout. If bulls manage to overcome the resistance, it could signal a reversal of the recent downtrend and a renewed upward momentum for both Bitcoin and Ethereum.
By
By
By
By