Bitcoin fell below $24,000 in today’s session as prices clashed with key resistance levels. After a strong start to the week, the crypto market is mostly in the red, with global market capitalization down 2.98% at the time of writing. Ethereum also traded cheaply, approaching a breakout below $1700.
Bitcoin
After a strong start to the week, Bitcoin (BTC) traded in the red on Tuesday as the crypto market was overcome by bearish sentiment.
BTC/USD rose to an intraday peak of $24,203.69 on Monday but fell to a bottom of $23,372.91 earlier today.
Today’s low occurred when bitcoin fell about $1,000 in the past 24 hours and prices hit a key ceiling.
As you can see from the chart, this ceiling was at the $24,200 level that was hit on the last day of July.
At that time,BTCrose to $24,600 before falling quickly below the resistance point.
This drop was due to the 10-day moving average (red) approaching a downward intersection with the 25-day moving average (blue), which often signals a downtrend ahead.
Ethereum
Ethereum (ETH) was also lower on Tuesday, approaching a breakout below its own price of $1700.
less than a day after ETHtraded as high as $1,806.89, however, it fell over $1,000 today.
Tuesday’s price retreat came with a breakout that brought the Relative Strength Index (RSI) just below the floor of 60.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons