Bitcoin hit a hurdle on hump day, as the world’s largest crypto token moved lower, following strong gains to start the week. ETH also slipped during today’s session, with prices moving back towards the $1,000 mark.
Bitcoin
BTC lost a little bit on the hump, after two days of gains. Bears seem to have re-entered into the market, despite having made significant gains for the past two days.
BTC/USD is down by nearly 3% as of writing, after hitting an intraday low of $20,045.63 earlier in today’s session.
This move comes after prices failed to sustain a breakout of yesterday’s resistance level at the $21,000 mark.
This is usually a sign to bears that they need to regain momentum after a false breakout. However, there appears to be some uncertainty.
BTC trades almost $500 more today than it did yesterday, which indicates that bullish sentiment from two days ago is still present.
However, bears may try to counter this sentiment by pushing bitcoin down the $20,000 cliff over the next few days.
Ethereum
Ethereum was also a cliff of its own, as bears once again pushed prices close to the $1,000 level in today’s session.
After reaching a high of $1185.43 Tuesday, ETH/USD dropped to a low of $1073.88 today.
This move put an end to ETH’s first two-day winning streak since June 5, and as of writing the token is trading roughly 4% lower.
ETH’s recent gains have seen it drop by almost 40% on Sunday. It is now down only 2.95% over the week.
Overall, momentum still looks bearish for the world’s second largest token, with some expecting moves back towards $800.
However, should we see a breakout of the resistance on the 14-day RSI at 30, then there will likely be a continuation of this week’s bullish pressure.
Were we going to see ETH reach $1,200? Or $800? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is intended for general purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.
