Bitcoin falls below $35,000 level
Bitcoin has once again dropped below the $35,000 level on Thursday, following a brief rise above it on Wednesday. The cryptocurrency reached a high of $35,133.76 before falling to an intraday low of $34,151.88 today. Despite the decline, bitcoin continues to trade close to its highest point since May 2022 when it was over $37,000.
Currently, bitcoin is trading at $33,990.55. The relative strength index (RSI) failed to breach the 90.00 zone and is currently at 82.99, indicating that it is still significantly overbought in the medium term. If sentiment turns bearish, a support level of $31,000 may be targeted by bears.
Ethereum rises above $1,800 level
In contrast, ethereum (ETH) has seen gains as it climbed back above the $1,800 level. The cryptocurrency reached a peak of $1,865.10 today after hitting a low of $1,781.49 on Wednesday. This surge has brought ethereum to its highest level since August when it was below $1,880.
Ethereum has remained in positive territory for seven consecutive sessions and has gained nearly 20% in value during this period. The 10-day moving average continues to outpace the 25-day moving average, signaling bullish momentum.
Currently, the RSI for ethereum stands at 74.90, which could lead current buyers to start taking profits soon.
Hot Take: Bitcoin retreats below $35k while Ethereum rises above $1.8k
Bitcoin experienced a drop below the $35,000 mark after briefly surpassing it, while ethereum saw a rise above the $1,800 level. Bitcoin continues to trade near its 18-month high, but the decline suggests that sentiment may be shifting towards bearishness. Ethereum’s climb back above $1,800 is a positive sign for the cryptocurrency, which has been in the green for seven consecutive sessions and has gained nearly 20% in value. The RSI levels for both bitcoin and ethereum indicate potential changes in market dynamics. Overall, the cryptocurrency market remains volatile, and investors should closely monitor these developments.
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.