Bitcoin was once again trading below the $29,000 level on Thursday, as bulls retreated following yesterday’s gains. The drop appeared to come as traders secured profits, following a failed breakout of a key price point. Ethereum also edged lower today.
Bitcoin, Ethereum Technical Analysis: BTC Moves Back Below $29,000, as Bullish Sentiment Weakens
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) dropped below the $29,000 zone in today’s session, as bulls appeared to have abandoned their positions following Wednesday’s gains.
After peaking at $29,988.00 yesterday, BTC/USD slipped to an intraday low of $28,946.51 earlier in the day.
This comes as the bullish sentiment surrounding Microstrategy’s latest BTC investment seems to have already faded.
In addition to this, the relative strength index ( RSI) failed to move past a key ceiling at 50.00, and has bounded off a floor at 42.00.
As of writing, the index is tracking at 42.79, with BTC climbing back above the $29,000 mark as a result.
Price may now consolidate, as traders’ attention turns to Friday’s nonfarm payrolls report.
Ethereum
Additionally, ethereum ( ETH) also moved lower earlier in the day, dropping below a support point of $1,850 in the process.
ETH/USD bottomed out at $1,822.35 during today’s session, following Wednesday’s high at $1,860.19.
As a result of today’s decline, ethereum moved back towards a four-week low at $1,812.
The slippage took place after the RSI fell below a floor at the 45.00 level, and it is now at a reading of 41.93.
Should momentum continue to drop, the next price target will likely be the $1,795 level.
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Will markets rebound prior to tomorrow’s payrolls report? Leave your thoughts in the comments below.
