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
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.
Ethereum
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.
Image credits: Shutterstock, Pixabay, Wiki Commons