Bitcoin (BTC)Crypto News

BTC Consolidates Tuesday After 8-Month High – Market Updates

Bitcoin pulled back from previous highs during Tuesday’s session as sentiment turned after a rally to a multi-month high. Earlier in the day, prices surged to their highest levels since last August before a red wave swept through the market. Ethereum is also down and dropped below $1,700.


Bitcoin (BTC) fell from previous highs on Tuesday as momentum in cryptocurrency markets shifted rapidly throughout the day.

After hitting a high of $25,126.85 earlier in today’s session, BTC/USD has since fallen to lows of $24,642.57.

Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13.

Overall, prices slid as the bulls were unable to force a break above a resistance level at $25,200.

In addition, the relative-strengthindex (RSI) failed to break above its own ceiling of 66.00.

As of this writing, the index is trading at 63.29, which is slightly above a support zone at 61.00.


Ethereum (ETH) also moved lower in today’s session as bears pushed prices below the $1,700 level.

ETH/USD tumbled to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading a high of $1,714.29.

With today’s drop, Ethereum is moving below its long-term support point at $1,675, which has been largely stable for the past week.

As with BTC, the drop in price comes as the 14-day RSI has retreated from its recent ceiling of 61.00.

As of this writing, the index is now tracking a level of 57.28 and appears to be fast approaching a bottom of 57.00.

If the bears reach this bottom, ETH is likely to trade below $1,650.

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BTC Consolidates Tuesday After 8-Month High – Market Updates, Crypto Trading News

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. Previously he was brokerage director and onlineTrading-Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.

photo credit: Shutterstock, Pixabay, WikiCommons

Source: Crypto News Deutsch

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