BTC Consolidates On Tuesday, After 8-Month High – Market Updates Bitcoin News
Bitcoin pulled back from previous highs during Tuesday’s session as sentiment reversed after a move to a multi-month high. Prices rose to their highest point since August last year earlier in the day, before a red wave swept through the market. Ethereum has also fallen, falling below $1,700.
Bitcoin
Bitcoin (BTC) fell from earlier highs on Tuesday, as momentum in the cryptocurrency markets quickly shifted as the day progressed.
After a high of $25,126.85 earlier in today’s session, BTC/USD has since declined to a low of $24,642.57.
Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13.
Overall, prices fell as bulls failed to force out a resistance level at the $25,200 mark.
In addition to this, the relative strength index (RSI) also failed to move beyond its own ceiling of 66.00.
At the time of writing, the index follows at 63.29, which is marginally above a support zone of 61.00.
Ethereum
Ethereum (ETH) also moved lower in today’s session, as bears pushed prices below the $1,700 level.
ETH/USD plunged to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a high of $1,714.29.
Today’s drop sees ethereum move below its long-term support point at the $1,675 mark, which has been mostly stable over the past week.
As with BTC, the decline in prices comes as the 14-day RSI pulled back from a recent high at 61.00.
At the time of writing, the index is now tracking at a reading of 57.28, and appears to be approaching a floor of 57.00 quickly.
Should bears reach this bottom, ETH will likely trade below $1,650.
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