BTC Moves Below $29,000, Hits 10-Day Low – Market Updates Bitcoin News
Bitcoin fell for a second session in a row on Thursday as the price moved towards a key point of support. Today’s selloff has sent the cryptocurrency below $29,000, with the coin now trading at a ten-day low. Ethereum fell to a one-week low in today’s session.
Bitcoin
Bitcoin (BTC) was again in the red on Thursday as traders continued to lock in 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 bitcoin has hit since April 10, when the price traded at a low of around $28,100.
Looking at the chart, Thursday’s move saw BTC fall below a recent floor of $28,600, with the Relative Strength Index (RSI) also falling towards a floor of its own.
At the time of writing, the index now follows 51.47, which is marginally above the aforementioned support of 50.00.
BTC has already moved away from previous lows and is currently trading at $28,837.95 at the time of writing.
Ethereum
Ethereum (ETH) fell to a one-week low in today’s session as traders tried to find a point of support.
After a high of $2,005.44 on Wednesday, ETH/USD fell to a low of $1,928.58 earlier in the day.
As a result of this drop, Ethereum fell to its weakest point since April 13, a day when ETH hovered marginally above $1,900.
At the time of writing, ETH has recovered, which appears to be due to the RSI bouncing off a floor of 52.00.
Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling of 58.00.
If bulls were to take the price strength to, or above, 58.00, there is a good chance that ETH will be back above the $2000 level.
Register your email here to get weekly price analysis updates delivered to your inbox:
Do you expect Ethereum to climb above $2000 this week? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
