BTC Drops Below $24,000 After Falling Below Key Price Ceiling – Market Updates Bitcoin News
Bitcoin fell below $24,000 in today’s session as prices collided with a key resistance level. After a strong start to the week, crypto markets were mostly in the red, with the global market cap down 2.98% at the time of writing. Ethereum also traded lower, approaching a breakout below $1,700.
Bitcoin
After a strong start to the week, bitcoin (BTC) traded in the red on Tuesday as crypto markets were overcome with bearish sentiment.
BTC/USD rose to an intraday high of $24,203.69 on Monday, but fell to a low of $23,372.91 earlier today.
The day’s low, which saw bitcoin fall by nearly $1,000 in the past 24 hours, came as prices collided with a key ceiling.
As can be seen from the chart, this ceiling was at the $24,200 level, which was last hit on the last day of July.
On that occasion, BTC rose to as high as $24,600, before quickly falling below the resistance point.
The latest decline comes as the 10-day (red) moving average moved closer to a bearish crossover with its 25-day (blue) counterpart, which often signals an upcoming downtrend.
Ethereum
Ethereum (ETH) was also lower on Tuesday, with its own price moving closer to a breakout below the $1,700 level.
This comes less than a day after ETH traded at a high of $1,806.89, but it fell by over $1,000 today.
ETH/USD fell to an intraday low of $1,700.88 as bulls battled to keep the token from falling below this point.
Tuesday’s price retreat came as there was a breakout, with the relative strength index (RSI) falling marginally below the floor of 60.
As with BTC, the 10-day moving average is also on the way to a breakout, but should price strength pick up, we could see ETH move back towards $1,800.
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Do you expect Ethereum to fall below $1700 in today’s session? Leave your thoughts in the comments below.
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