Following Monday’s selloff, cryptocurrency markets mostly rebounded across the board, with bitcoin and ethereum prices rallying by as much as 10%. Overall the global crypto market cap was over 6% higher from yesterday’s session.
Bitcoin
Bitcoin, which fell to an intraday low of $33,184.06 during yesterday’s session, was up close to 9% as of writing, hitting a high of $37,247.52 in the process.
After a false breakout from its support level of $34,170 to start the week, today’s move saw BTC/USD climb from this point, with some anticipating the potential for a rally towards resistance of $40,000.
Looking at the chart below, BTC bulls appear to have re-entered as many expected at this level, similar to July’s move, however with the RSI still oversold, many remain skeptical of a full scale bull run.
The short-term 10-day EMA has slightly slowed its downward momentum. Traders will now be expecting a possible reversal as the likelihood of an upward cross slowly increases. It is worth considering whether long-term Bitcoiners are buying the dip.
Ethereum
ETH’s value has dropped over 20% within the past seven days. Tuesday however saw a small easing in this bearish pressure as the bulls reentered the race.
The ETH/USD exchange rate was at $2,463.59 as of this writing. It had fallen to just $2,000 on Monday and recorded its lowest rate since July.
Looking at today’s chart, it appears to show that ETH has found an interim floor, despite the long-term descending triangle hinting at further downside pressure.
The Ethereum price action, similar to BTC is oversold. But, as Ethereum moves toward the 30 RSI level slowly, we have to wonder if bullish sentiment will start to grow.
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