BTC Moves Lower As Prices Fail To Break Out Of Key Resistance Level – Market Updates Bitcoin News
Bitcoin traded lower in today’s session, having failed to break out of a key resistance level at $19,600. Bullish sentiment appeared to have returned to the market on Monday, but this momentum was short-lived. Ethereum also fell in today’s session, but held above the recent price ceiling.
Bitcoin
Bitcoin (BTC) moved lower on Tuesday, as bears returned to action after a failed breach of a key resistance point.
BTC/USD fell to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s high of $19,698.
Yesterday’s move saw the token briefly pass the $19,600 ceiling, but after failing to sustain the momentum, the bulls exited their positions.
As a result of today’s decline, the 14-day relative strength index (RSI) fell to a floor of 47.50, which is the weakest point since Saturday.
Currently, the index has rejected a move below this mark, trailing at 48.54, as bulls try to regain some market sentiment.
However, should we see a move below the aforementioned floor, we could see bitcoin once again move below the $19,000 level.
Ethereum
ETH/USD was also in the red on Tuesday as traders appear to have consolidated their gains from yesterday’s session.
After a move to a three-week high of $1,370 on Monday, ETH/USD fell to a low of $1,327.85 earlier in the day.
This earlier decline initially pushed the token below the $1,330 resistance, but as the day progressed, prices recovered somewhat.
At the time of writing, ethereum is trading at $1,348.29, showing that current momentum is still largely bullish.
An upward transition between the 10-day (red) and 25-day (blue) moving averages has now also occurred, which may be the reason for the shift in sentiment.
Looking at the chart, a ceiling of $1,385 still seems to be the target for traders in the coming days.
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Will we see ethereum continue to rise towards November? Leave your thoughts in the comments below.
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