BTC Drops Under $24,000 After Falling Below Key Price Ceiling – Market Updates Bitcoin News

Bitcoin fell below $24,000 in today’s session, as prices collided with a key resistance level. After a positive start to the week crypto markets fell, and the global market capital was down by 2.98% at the time of writing. Ethereum also traded lower. It was moving closer to $1,700.


After a positive start to the week bitcoin (BTC), traded in the red Tuesday as bearish sentiment overtook crypto markets.

BTC/USD surged to an intraday top of $24,203.69, but it fell to a low of $23,372.91 on Monday.

Today’s low, which saw bitcoin fall by nearly $1,000 in the past 24 hours, came as prices collided with a key ceiling.

BTC/USD – Daily Chart

This chart clearly shows that the ceiling was set at $24,200. The last time it was hit was on July 30th.

BTC rose to $24,600 at that point, but quickly fell below resistance.

As the 10-day (red-colored) moving average moved towards a crossover with its counterpart (blue), it fell to its latest low. This is usually a signal of an impending downtrend.


Ethereum (ETH) also fell on Tuesday. Its own price moved closer to a breakthrough below the $1700 mark.

This is less than a day since ETH traded at a record $1,806.89. Today, however, it has fallen by nearly $1,000.

The intraday low for ETH/USD was $1,700.88. Bulls fought to prevent the token falling below that point.

ETH/USD – Daily Chart

Tuesday’s price retreat came as there was a breakout, with the relative strength index (RSI) marginally falling below its floor of 60.

The 10-day moving average, just like BTC’s, is on the cusp for a breakout. However, if price strength increases, then we could see ETH return to $1,800.

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Do you expect ethereum to drop below $1,700 in today’s session? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.

Image creditShutterstock. Pixabay. Wiki Commons

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