Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Falls Briefly Below $26,000, as Sentiment Remains Weak

Bitcoin, Ethereum Technical Analysis: BTC Falls Briefly Below $26,000, as Sentiment Remains Weak

Bitcoin fell below the $26,000 level on Tuesday, as sentiment in the cryptocurrency market remained bearish. The latest drop comes despite price being oversold, following recent declines. As of writing, the global market cap is down 0.42%.

Bitcoin

Bitcoin dropped marginally below the $26,000 level during today’s session, as overall sentiment in the market remained bearish.

BTC/USD fell to an intraday low of $25,846.09 on Tuesday, following a high of $26,220.20 earlier in the day.

Price has since rebounded, with the world’s largest cryptocurrency currently trading at $26,088.64.

The decline came as the relative strength index (RSI) continued to hover close to a support point of 20.00.

At the time of writing, its exact reading is at 20.90, which is still deep in bear territory, with the next visible ceiling at 29.00.

Should bulls push price strength towards this point, BTC could end up near the $28,000 level.

Ethereum

Ethereum (ETH) continued to hover near a support point of its own on Tuesday, as price consolidation continued.

Following a peak of $1,679.76 to start the week, ETH/USD slipped to an intraday bottom at the $1,651.96 mark.

Overall, ethereum has traded around a key price floor of $1,650 since last Thursday’s drop to a low of $1,540.

After falling below 20.00 over the weekend, the RSI has edged slightly higher in recent days, and is now tracking at 24.82.

A point of resistance at 27.00 is fast approaching, and should this point be broken, there is a good chance ETH will reenter the $1,700 zone.

Should the asset break out of this point, ETH will likely move back above $1,700.

Register your email here to get weekly price analysis updates sent to your inbox:

Will market consolidation end this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/2EAWvgG
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more