After strong gains to start the week,BTConce again fell below $30,000 as crypto prices moved lower Tuesday. This move lower follows yesterday’s rally when Balenciaga announced it would accept crypto payments. ETHalso fell, dropping below 2,000 today.
Bitcoin fell below $30,000 on Tuesday as bears resumed action after a green start to the week.
After hitting a high of $30,547.50 during Monday’s session,BTC/USD fell to an intraday low of $28,975.56 earlier today.
fell in today’s decline, with BTCfalling more than 5% in a single day as bullish sentiment faded after the Balenciaga crypto announcement.
Then, the bears are now moving prices closer to support at $28,800, an area whereBTC has been in the past weeks and has remained in this area.
Looking at the chart, the 14-day Relative Strength Index is also resisted at 38, which also seems to be a factor in today’s decline.
As we have mentioned over the past few days, unless there is a significant increase or decrease in the Relative Strength Index, the market is likely to remain consolidated.
also saw yesterday’s bullish sentiment fade, with ETHagain falling below the $2,000 level after a promising rally.
The world’s second-largest cryptocurrency fell to an intraday low of $1,964.39 on Tuesday, which is just over 4% off yesterday’s top.
ETH/USD is just over $10 away from support at $1,950 following today’s sell-off, pushing prices back toward long-term lows.
89} is a promising sign for
is that the 10-day moving average is flat, which usually signals a future cross higher This is usually a signal of a future cross up.
Thus, although currently consolidating, bulls are likely preparing for a breakout as soon as upward momentum picks up.
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