Bitcoin and Ethereum prices fell on April 19, 2021, marking a consolidation period following a recent bull run. Bitcoin (BTC) dropped to a one-week low, nearing a breakout below the $29,000 level earlier in the session. Ethereum (ETH) also declined, falling below $2,000. The sell-off was likely triggered by the 14-day relative strength index (RSI) falling below 59.00, with BTC/USD dropping to a low of $29,102.17, its lowest point since April 10. At the time of writing, the RSI is tracking at 54.97, with the next visible point of support at the 55.00 mark.
ETH/USD hit a low of $1,967.17 earlier on April 19, less than 24 hours after it traded at a peak of $2,121.53. Ethereum fell below its recent price floor at the $2,030 level, with some eyeing a lower floor at $1,830. The RSI was above 75.00 at the beginning of the week, indicating that ETH was relatively overbought in recent days. This led to bears reentering the market, which pushed price strength to a current reading of 55.00. A floor at 51.00 could be the target for sellers, which would almost certainly see ETH trading under $1,900.
Bitcoin and Ethereum have both been on a bull run in recent months, with Bitcoin hitting an all-time high of $64,863.10 on April 14, 2021. However, the market is now experiencing a consolidation period, with prices dropping and investors taking profits. The recent sell-off is also likely due to China’s crackdown on Bitcoin mining and trading, as well as the US Treasury’s plan to increase tax reporting requirements for cryptocurrencies.
Investors and traders should remain cautious in the current market, as the volatility of cryptocurrencies can lead to sudden price fluctuations. It is important to keep an eye on market trends and news, as well as to diversify your portfolio to mitigate risk. As always, it is recommended to do your own research and consult with a financial advisor before making any investment decisions.
In summary, Bitcoin and Ethereum prices fell on April 19, 2021, marking a consolidation period following a recent bull run. The sell-off was likely triggered by the 14-day RSI falling below 59.00, with BTC/USD dropping to a low of $29,102.17 and ETH/USD hitting a low of $1,967.17. Investors and traders should remain cautious in the current market and diversify their portfolios to mitigate risk.