Both Bitcoin and ETH on Tuesday fell below key price levels. This is because the cryptocurrency bear continued to push prices down. Nonetheless, both are now regaining these levels following the news that US inflation has risen to a record 8.5% year-on-year. Overall, the crypto market was down 1% at the time of writing.
Bitcoin
BTC fell below the key level of $ 40,000 early in today’s session as the recent decline in value continued.
Following a high of over $ 42,000 at the beginning of the week, BTC / USD fell to a daytime low of $ 39,373.06 on Tuesday.
This is the lowest level BTC has traded since March 16th, but the decline has eased somewhat as the floor was hit.
As you can see on the chart, this floor is at the $ 39,450 level, giving Bull the courage to re-enter the market due to the previous rebound that occurred at this price.
Since today’s lows, BTC is currently trading at $ 40,270. This means that the loss has been mitigated and remains at minus 1.82% for the day.
Price strength continues to be oversold, which could be even more positive for bulls who want to buy recent price drops.
Ethereum
In addition to BTC, Ethereum also fell below key support points early in today’s session before regaining its foundation.
ETH / USD fell below $ 3,000 for the first time since March 23, as it reached a daytime low of $ 2,957.87 in the process.
However, ETH has recovered somewhat following the release of US inflation data showing that consumer prices have risen to a record 8.5% annually.
At the time of writing, ETH is currently trading above the $ 2,950 floor and is currently at $ 3,050, about 0.9% below yesterday’s highs.
Looking at the chart, the RSI is currently below 50 resistance and is now 45, so if the price strength continues to rise, this could be the target point.
Nevertheless, recent momentum has now brought a moving average to the tip of the cross, but bulls still have the opportunity to avoid this by re-entering the market.
Will market uncertainty be slightly reduced now that inflation data has been released? Please leave your thoughts in the comments below.
Image credit: Shutterstock, AIXabay, Wikicommons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation for a purchase or sale, or a product, service, or company recommendation or approval. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Both the company and the author, directly or indirectly, with respect to any damage or loss caused or allegedly caused by or in connection with the use or trust of the content, goods or services described in this article. We are not responsible.
