Bitcoin Consolidates as Markets Await US Consumer Confidence Report
Bitcoin is currently consolidating below the $35,000 level as traders anticipate the release of the US consumer confidence report. The report is expected to show a reading of 100 in October, down from 103 the previous month. This has led to Bitcoin hovering near a key price point.
On Tuesday, Bitcoin experienced a high of $34,843.94 before slipping to an intraday low of $34,083.31. The relative strength index (RSI) remains above 79.00, indicating bullish territory. The price strength is currently at 82.02, with the next resistance level at 88.00.
Many analysts believe that Bitcoin may be overvalued and anticipate a potential reversal in the near future.
Ethereum Maintains Position Above $1,800
Ethereum continues to trade around the $1,800 level, despite a brief dip below this mark earlier in the day. Ethereum reached a low of $1,784.95 after peaking at $1,829.25 on Monday. However, bulls stepped in and pushed the price back up to around $1,813.25.
The RSI indicates that Ethereum’s rally occurred as it bounced from 68.00 and is now tracking at 71.65. Traders are now eyeing a resistance level at 75.00, and if Ethereum surpasses this level, it could approach $1,900.
Hot Take: Bitcoin Consolidates Below Key Level as Ethereum Holds Steady
Bitcoin continues to consolidate below $35,000 as traders await the US consumer confidence report. Meanwhile, Ethereum maintains its position above $1,800 despite a temporary dip. Analysts suggest that Bitcoin may be overvalued and could see a reversal in the near future. The next resistance levels for Bitcoin and Ethereum are at 88.00 and 75.00, respectively. The market sentiment remains cautious as investors monitor the consumer confidence report and its potential impact on cryptocurrency prices.
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.
