Crypto Prices Fall Lower as Markets Continue to Digest Biden’s Executive Order – Market Updates Bitcoin News

Less than 24 hours after U.S. President Biden’s executive order, cryptocurrency markets were back in the red, as the global market cap fell by over 5%. Bitcoin traded below $40,000 again, while ETH was hovering slightly above $2,500.

Bitcoin

As the smoke clears following yesterday’s executive order, crypto traders seem to be coming to terms with what this announcement could mean for the space long-term.

The world’s largest cryptocurrency is currently down by over 7% on Thursday, wiping out all of yesterday’s gains.

Following Wednesday’s peak of $42,465.67, BTC/USD has so far fallen to an intraday low of $38,832.94 earlier in the session.

After moving up to 54.6 yesterday, the 14-day RSI is now at its lowest support level of 47.4.

Volatility in the price strength indicates market uncertainty. As traders are afraid of losing their gains, they instead take profits.

As momentum continues to shift, some expect more consolidation in prices. That could be confirmed if BTC reaches its ceiling of $37,000.

Ethereum

Wednesday’s gains in ethereum were also wiped out during Thursday’s session, as the world’s second-largest cryptocurrency trades 5.17% lower today.

The ETH/USD exchange rate was $2,593.45. This is after it climbed to $2,756.06 less 24 hours prior.

ETH has so far fallen to an intraday low of $2,566.19 during Thursday’s session, which is marginally above its long-term floor of $2,550.

Bears may be attracted to this drop in support as it will make them more likely to give up on their recent pressure and try to breakout to the $2,400 level.

This could lead to the RSI moving from 48 (current position) to 42.

Do you think it is likely that we will witness further negative movements in ETH? Comment below to share your views.

Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.