ETH managed to stay above $1,200 on Tuesday despite increased price uncertainty in crypto markets. BTC fell below $21,000 in today’s session, as the global crypto market cap fell by as much as 2% earlier today.
Bitcoin
Following a marginally bearish start to the week, downward pressure intensified in today’s session, sending bitcoin slightly lower.
The world’s largest crypto token fell to an intraday low of $20,577 during Tuesday’s session, less than 24 hours after nearing $22,000.
Today’s decline comes following a rise of bearish sentiment, with traders seeing yesterday’s decision by bulls to secure gains as a sign of weakness.
As such, people looking to find downward opportunities saw that as an opportunity to re-enter market and drove prices slightly lower.
The main driver of this shift in sentiment was the 14-day RSI. It failed to surpass its resistance level at 35.70 Monday.
As of writing, BTC/USD is now trading at $21,011.48, however it’s still 1.03% lower than yesterday’s peak, and may not regain bullish momentum until this ceiling on the RSI is broken.
Ethereum
ETH managed to stay above $1,200 for the majority of today’s session, despite attempts from bears to send prices even lower.
Although ETH/USD dropped to an intraday low of $1,170.23 earlier in Tuesday’s session, bulls were able to move prices away from this floor.
As of writing, ETH is now trading at $1,226.05, which is slightly lower than yesterday’s high of $1,228.88.
Ethereum has been showing some signs of momentum in recent days. It has risen by as high as 7% over the past seven working days.
We will undoubtedly witness an upwards trend if this short-term momentum is maintained.
This could be the catalyst that sends prices of the world’s second largest cryptocurrency back above the $1,300 level.
Is July a good month to see if bulls can regain momentum on crypto markets. Comment below with your views.
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