BTC fell below $ 30,000 again after a strong rise at the beginning of the week as cryptocurrency prices fell on Tuesday. The recession continues from yesterday’s rally when Balenciaga announced that it would accept cryptocurrency payments. ETH has also fallen below $ 2,000 today.
Bitcoin
Bitcoin fell below $ 30,000 on Tuesday as bears returned to action following the week’s green start.
After hitting a high of $ 30,547.50 during the Monday session, BTC / USD fell to a intraday low of $ 28,975.56 earlier today.
Today’s decline has caused BTC to fall by more than 5% in a single day as the bullish sentiment after the announcement of Balenciaga’s cryptocurrency has diminished.
Since then, bears are now approaching price support at $ 28,800, the area where BTC has lived over the past few weeks.
Looking at the chart, the 14-day Relative Strength Index also resisted at 38, which seems to be another factor in today’s decline.
As we have recently discussed, the market may continue to integrate unless its relative strength increases or decreases significantly.
Ethereum
Yesterday’s bullish sentiment also affected ETH, but ETH fell below $ 2,000 again following a promising rise.
The world’s second-largest cryptocurrency fell to a daytime low of $ 1,964.39 on Tuesday. This is just over 4% lower than yesterday’s high.
ETH / USD is now just over $ 10 away from $ 1,950 support, following today’s sellout pushing prices back to the long-term floor.
A promising sign of ETH is that the 10-day moving average is lying sideways. This is usually a signal of an upward cross in the future.
As such, it is currently being integrated, but as soon as the upward momentum regains, the bulls may be preparing for a breakout.
Will you see a breakout by the end of this month? Please leave your thoughts in the comments below.
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