Bitcoin fell below $24,000 in today’s session, as prices collided with a key resistance level. Following a strong start to the week, crypto markets were mostly in the red, with the global market cap down 2.98% as of writing. Ethereum was also trading lower, moving close to a breakout below $1,700.
Bitcoin
Following a strong start to the week, bitcoin (BTC) was trading in the red on Tuesday, as crypto markets were overcome with bearish sentiment.
BTC/USD rallied to an intraday peak of $24,203.69 on Monday, however it dropped to a bottom of $23,372.91 earlier today.
Today’s low, which saw bitcoin fall by nearly $1,000 in the past 24 hours, came as prices collided with a key ceiling.
As can be seen from the chart, this ceiling was at the $24,200 level, which was last hit on the last day of July.
On that occasion, BTC rallied to as high as $24,600, before swiftly declining below the point of resistance.
The latest decline comes as the 10-day (red) moving average moved closer to a downward crossover with its 25-day (blue) counterpart, which often signals an upcoming downtrend.
Ethereum
Ethereum (ETH) was also lower on Tuesday, with its own price moving closer to a breakout below the $1,700 level.
This comes less than a day after ETH was trading at a high of $1,806.89, however it dropped by over $1,000 today.
ETH/USD slipped to an intraday low of $1,700.88, as bulls battled to keep the token from falling below this point.
Tuesday’s price retreat came as there was a breakout, with the relative strength index (RSI) marginally falling below its floor of 60.
Like with BTC, the 10-day moving average is also on a cusp of a breakout, however should price strength increase, then we may see ETH move back towards $1,800.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to drop below $1,700 in today’s session? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer