Bitcoin (BTC) and Ethereum (ETH) Lose Ground as Market Fumbles
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- After yesterday’s barrier of $44,750 was breached, bears rushed in.
- Ethereum’s current support level of $3,022 was breached in a selloff.
The world’s biggest cryptocurrency, Bitcoin, was again sliding today after Thursday’s turbulent session. At one point in today’s session, BTC/USD hit an intraday low of $42,864.32, as bears looked to be driving prices down towards support after rising recently to $45,101.17.
After yesterday’s barrier of $44,750 was breached, bears rushed in to short the cryptocurrency. Since the 14-day Relative Strength Index (RSI) has flat-lined, it is still overbought at 60. While some feel that BTC/USD might go either way, depending on how momentum grows. Even though the present ascending triangle has developed in recent weeks, the short-term ten-day moving average still seems optimistic.
To find out whether this is enough to get more buyers back into the market, bulls will likely sit tight for a little while longer. According to CoinMarketCap, the Bitcoin price today is $43,536.22 USD with a 24-hour trading volume of $25,941,947,130 USD. Bitcoin has been down 4.46% in the last 24 hours.
Intraday Low of the Week Recorded
The price of Ethereum is now trading at close to 5% lower than it was at this time last week. On Friday, a daily low of $3,018.56 for ETH/USD was recorded. This is an intraday low of this week for the cryptocurrency. Ethereum’s current support level of $3,022 was breached in a selloff from resistance around $3,285, although the move seems to be a false break.
Despite the rising triangle showing that prices have recently achieved higher highs, it seems that a wall has been struck, halting further development. According to CoinMarketCap, the Ethereum price today is $3,087.78 USD with a 24-hour trading volume of $15,398,635,166 USD. Ethereum has been down 4.47% in the last 24 hours.
Cryptocurrency
