BTC, ETH Prices Fall Lower Against USD – Market Updates Bitcoin News

For the second session in succession, cryptocurrency markets traded lower. This left bitcoin and ethereum in red. The crypto market cap had dropped by almost 2% as of the writing.

Bitcoin

Bitcoin bulls didn’t appear to be around Thursday due to bearish pressure continuing to dominate market sentiment.

Following a high of $44,309.03 on Wednesday, BTC/USD fell below $43,000 during today’s session, and is down by over 3% as of writing.

BTC reached an intraday high of $42,685.75, bringing prices closer to the recent support level at $41,765.

This price drop is due to the Relative Strength Index of (RSI) 14-days falling below its floor at 56. It currently stands at 53.10.

Aside from the fall in price strength the moving average for 10-days, which is also red in color, has trended downward for the first times since January 30.

BTC was down 3.3% over the past seven days. However, historical data shows that bulls are likely to wait to purchase the dip when they get closer to support.

Ethereum

Following a battle to remain over the $3,000 level on Wednesday, ETH struggled to stay above water during today’s session.

The intraday low for ETH/USD was $2,987, after the breakout of its support level at $3,022.

Although prices are now back at $3,000 this is a warning sign that more declines could occur.

Many people are seeking the $2,840 floor to be their next price target in the event of continued bearish pressure.

The RSI shows that price strength is still near 51, despite a slight breakout. This could indicate bulls are anticipating a reversal.

Is this the end of bearish pressure? Comment below to share your views.

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director and retail trading teacher, and a market commentator for Crypto, Stocks and FX.