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Bitcoin hit a hurdle on hump day as the world’s largest crypto token moved lower after strong gains to start the week. ETHalso fell during today’s session, moving prices back toward the $1,000 mark.
Bitcoin
After two straight days of gains,BTCdropped on Hump Day as the bears seemed to re-enter the market.
BTC/USD is down nearly 3% at the time of writing after hitting an intraday low of $20,045.63 earlier in the session today.
The move was attributed to price’s inability to sustain yesterday’s breakout of resistance at the $21,000 level.
Usually after such false breakouts, this serves as a signal to the bears to regain momentum, but in this still seems to be a level of uncertainty.
After today’s earlier lows,BTCis now trading about $500 higher, indicating that the bullish sentiment of the past two days still remains.
Nevertheless, bears are likely to test this sentiment and try to push bitcoin off the $20,000 cliff in the coming days.
Ethereum
Ethereum was a cliff of its own in today’s session as bears once again pushed prices closer to the $1,000 level.
After peaking at $1,185.43 on Tuesday,ETH/USD fell to a bottom of $1,073.88 on Hump Day.
The move put an end toETH‘s streak of rallies, which had been averaging a peak of $1,073.88 since June 5, and a peak of $1,073.88 since June 6, when ETHfor the second day in a row since June 5, and as of this writing, the token is trading roughly 4% lower.
Thanks to the rally over the past few days,ETHwent from being down nearly 40% on average over seven days on Sunday It is now down only 2.95% in the last week.
Overall, momentum for the world’s second-largest token is still bearish, with some expecting a move back toward $800.
However, if the 14-day RSI breaks through resistance at 30, bullish pressure is likely to continue this week.
Image credit: Shutterstock, Pixabay, Wiki Commons
