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.
Register your email address here to receive weekly price analysis updates in your inbox:
Are markets consolidating ahead of tomorrow’s FOMC minutes? Leave your thoughts in the comments below.
photo credit: Shutterstock, Pixabay, WikiCommons
Source: Crypto News Deutsch