Bitcoin retreated from earlier highs in Tuesday’s session as sentiment changed after moving to multi-month highs. Prices surged to their highest levels since last August earlier in the day before a red wave swept through the market. Ethereum also fell, falling below $1,700.
Bitcoin
Bitcoin (BTC) fell from its previous highs on Tuesday, with the cryptocurrency market momentum shifting rapidly as the day wore on.
Following a high of $25,126.85 earlier in today’s session,BTC/USD then fell to a low of $24,642.57.
Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13.
Overall, prices fell as bulls failed to force a breakout of the resistance level at the $25,200 mark.
In addition to this, the Relative Strength Index (RSI) also failed to move above its own upper limit of 66.00.
At the time of this writing, the index is hovering at 63.29, just above the 61.00 support zone.
Ethereum
Ethereum (ETH) also moved lower in today’s session as bears pushed prices below the $1700 level.
ETH/USD plunged to an intraday low of $1,671.98 on Tuesday in less than 24 hours after trading at a peak of $1,714.29.
Today’s decline sees Ethereum moving below its long-term support point at the $1,675 mark, which has largely stabilized over the past week.
as well as BTCas well as BTCThe price drop occurred as the 14-day RSI retreated from its recent upper limit of 61.00.
As of this writing, the index is hovering at 57.28 and appears to be rapidly approaching the 57.00 bottom.
ETH will likely trade below $1,650.
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