Bitcoin suffered a second consecutive session of losses on Thursday, with prices moving towards a crucial support level. The sell-off pushed the cryptocurrency below $29,000, with the coin now trading at a ten-day low. Ethereum also fell to a one-week low in today’s session.
Bitcoin (BTC) was once again in the red on Thursday, as traders continued to secure gains from last week’s bull run. BTC/USD fell to an intraday low of $28,596.91 earlier in today’s session, which comes a day after hitting a high of $29,509.35. This is the lowest point that bitcoin has hit since April 10, when price traded at a bottom of around $28,100.
Looking at the chart, Thursday’s move saw BTC fall under a recent floor at $28,600, with the relative strength index (RSI) also dropping toward a floor of its own. At the time of writing, the index is now tracking at 51.47, which is marginally above the aforementioned support at 50.00. BTC has already moved away from earlier lows, and is currently trading at $28,837.95, as of writing.
Ethereum (ETH) slipped to a one-week low in today’s session, as traders attempted to find a point of support. Following a high of $2,005.44 on Wednesday, ETH/USD dropped to a bottom at $1,928.58 earlier in the day. As a result of this drop, ethereum fell to its weakest point since April 13, a day which saw ETH hover marginally above $1,900.
At the time of writing, ETH has rebounded, which appears to be due to its RSI bouncing from a floor at 52.00. Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling at 58.00. If bulls were to take price strength to, or above, 58.00, there is a good chance that ETH will be back over the $2,000 level.
The cryptocurrency market has been experiencing a lot of volatility in recent weeks, with prices fluctuating wildly. This has led some investors to become cautious, while others see it as an opportunity to buy low and sell high. With prices currently at a ten-day low, it remains to be seen whether this is a temporary dip or the start of a more prolonged downturn.
As always, it is important for investors to do their own research and make informed decisions based on their own risk tolerance and investment goals. While cryptocurrencies can offer high potential returns, they also come with high levels of risk, and investors should be prepared to lose their entire investment.
In conclusion, the cryptocurrency market has been experiencing a lot of volatility in recent weeks, with bitcoin and ethereum both experiencing significant drops in price. While it remains to be seen whether this is a temporary dip or the start of a more prolonged downturn, investors should exercise caution and do their own research before investing in cryptocurrencies.
