Today, Bitcoin traded below $24,000 as it fell for the fourth straight session. Following last week’s bullish run, upwards momentum in crypto has eased, leading to a return of bearish sentiment. Ethereum also fell below $1,885 resistance.
Bitcoin
Bitcoin (BTC), which fell Wednesday for the fourth time in succession, was a sign that bearish sentiment has returned to crypto markets.
The world’s largest crypto token slipped to an intraday low of $23,733.50 on hump day, less than a day after residing at a peak of $24,407.06.
This recent bearish pressure has come as BTC bulls vacated last week’s positions, as prices entered overbought territory.
The 14-day relative weakness index (RSI), reached a peak of 62.29 in the last week. This was its highest point since April. Prices continue to show back-to-back drops.
The chart shows that the RSI now tracks at 54.19. This is slightly higher than its closest support at 53.66.
It appears that traders want to transfer BTC to the floor. That is where bulls will be fighting bears.
Ethereum
Hump-day has also seen ethereum (ETH) move lower for a fourth straight day, with today’s decline marginally lower than yesterday’s bottom.
After a Tuesday low of $1862.74, ETH/USD reached a peak of $1951.68 in the second session. Bulls tried to rally.
The red tide swept the markets again, wiping out bulls and prices plummeted to $1,862.74 today.
As with bitcoin, this decline occurs as the price strength decreased significantly over the past several sessions. It moved from a peak value of 71.89 today to a lowest of 61.92.
If ETH reaches this floor, it will most likely cause an increase in uncertainty in prices as bulls try to buy the dip and prevent prices falling below $1800.
Although ethereum has lost four consecutive days, it is trading more than 10% above the previous week.
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Do we expect to see the same bearish sentiment throughout this week? Please leave your comments.
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