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Bitcoin, Ethereum Technical Analysis: BTC Erases Recent Gains as US GDP Disappoints

Bitcoin, Ethereum Technical Analysis: BTC Erases Recent Gains as US GDP Disappoints

Bitcoin edged lower once again on Thursday, as traders continued to capture profits following gains on Tuesday. The latest drop followed data revealing U.S. gross domestic product growth in the second quarter that undershot expectations. Ethereum likewise declined, dipping under $1,700.

Bitcoin

Bitcoin was in the red for a second consecutive session, as a mixture of profit-taking and general bearish sentiment impacted price.

Following a peak of $27,490.77 on hump day, BTC/USD dropped to an intraday low of $27,069.21 earlier today.

The sell-off comes a few days removed from bitcoin moving above $28,000, following Grayscale’s court win against the Securities and Exchanges Commission (SEC).

On a technical note, the decline coincided with the 14-day relative strength index (RSI) failing to move beyond its ceiling at 53.00.

As of writing this, the index is now tracking at a reading of 47.50, with the next visible floor at the 43.00 level.

Should momentum push price strength to this point, there is a good chance that the price will drop below $27,000.

Ethereum

Additionally, ethereum (ETH) was back in the red on Thursday, with price falling below the $1,700 level.

ETH/USD dropped to the bottom of $1,697.15 earlier in the day, which comes following a high of $1,721.62 the day prior.

Like with bitcoin, the decline appears to be a result of profit-taking, after ethereum surged to a multi-week high on Tuesday.

In order for bulls to maintain the momentum from earlier in the week, a breakout will need to occur at the 49.00 level on the RSI.

Price strength is now tracking at 45.65, with price back above $1,700.

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Will momentum continue to climb in the coming days? Leave your thoughts in the comments below.



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