Bitcoin fell marginally lower on Thursday, as traders moved to secure gains following yesterday’s price surge. With bulls somewhat retreating, the token rose to a multiweek high of $21,000 at night. Ethereum was also down from Wednesday’s five-week high.
Bitcoin (BTC) bulls moved to secure Wednesday’s gains during today’s session, as the token fell from a peak above $21,000.
Yesterday saw the world’s largest cryptocurrency rally to a peak of $21,022. But, the price dropped to $20.430.65 just minutes earlier.
After a rise to five weeks highs, previous bulls decided to sell their positions and to liquidate gains.
The chart shows that the relative strength indicator (RSI), 14-day, also dropped as it collided with a resistance.
Although price strength increased to its highest point since March, the index couldn’t move beyond its ceiling at 66.00.
The bullish momentum is still evident as the moving averages for 10-day (red) and 25-days (blue), continue to trend up. This could be a good sign for bulls.
Ethereum (ETH) also edged lower in today’s session, which coincided with the U.S. dollar marginally moving higher.
After a Wednesday high of $1584.64, ETH/USD fell to $1,517.05 intraday earlier today.
Like Bitcoin, ETH bulls most likely closed positions in order to take profit.
Yesterday’s move saw the token hit its highest point since September 15, breaking out of a key resistance level in the process.
Bulls who predicted the break of the $1.385 ceiling would be among the first ones to sell, which led to earlier falls.
However, ethereum is now trading at $1.556.59, having rebounded from its lows.
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