Bitcoin fell for the second consecutive session Thursday as prices moved toward a key support point. Today’s sell-off sent the cryptocurrency below $29,000, and the coin is currently trading at a 10-day low. Ethereum fell to a one-week low in today’s session.
Bitcoin
Bitcoin (BTC) was in the red again on Thursday as traders continued to secure gains from last week’s bull run.
BTC/USD fell to an intraday low of $28,596.91 in today’s session after hitting a high of $29,509.35.
This is the lowest price since April 10, when bitcoin traded to a bottom near $28,100.
The chart sawin Thursday’s move, with BTCfalling below its recent floor of $28,600 and the Relative Strength Index (RSI) also declining toward its own floor.
At the time of this writing, the index is hovering at 51.47, just above the aforementioned support of 50.00.
BTChas already moved away from its previous lows and is currently trading at $28,837.95 at the time of writing.
Ethereum
Ethereum (ETH) fell to a one-week low in today’s session as traders tried to find a support point.
Following Wednesday’s high of $2,005.44,ETH/USD fell to a bottom of $1,928.58 earlier in the day.
As a result of this drop, Ethereum fell to its lowest level since April 13, adrop on the day ETHhovered just above $1,900.
At the time of writing,ETHhas rebounded, likely due to the RSI bouncing back from the 52.00 floor.
Ethereum is currently trading at $1,945.58 and the index is below the 54.54 level, the upcoming ceiling of 58.00.
If the bulls take price strength up to or above 58.00,likely ETHwill come back above the $2,000 level.
Sign up for email here to receive weekly price analysis updates:
Image Credits: Shutterstock, Pixabay, Wiki Commons.