Bitcoin fell for a second consecutive day on Thursday as the price moved towards a key support point. Today’s sell-off has sent the cryptocurrency below $29,000, with the coin now trading at a 10-day low. Ethereum fell to a weekly low in today’s session.
Bitcoin
Bitcoin (BTC) was back in the red on Thursday as traders continued to lock in gains from last week’s bull market.
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 reached since April 10, when the price traded at a low of around $28,100.
BTC/USD daily chart
Looking at the chart, BTC fell below a recent bottom at $28,600 on Thursday, with the Relative Strength Index (RSI) also falling to a bottom of its own.
At the time of writing, the index is now at 51.47, which is marginally above the 50.00 support mentioned above.
BTC has already moved away from previous lows and is currently trading at $28,837.95.
ether
Ethereum (ETH) slipped to a weekly low in today’s session as traders tried to find support.
After hitting 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 decline, Ethereum fell to its weakest point since April 13, a day when ETH hovered just above $1,900.
ETH/USD daily chart
At the time of writing, ETH has rallied, which appears to be due to its RSI bouncing off a bottom near 52.00.
Ethereum is currently trading at $1,945.58 with the index trading below an upcoming 58.00 ceiling at 54.54.
If the bulls take price strength at or above 58.00, there are good chances of ETH rallying back above $2,000.
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Do you expect Ethereum to climb above $2,000 this week? Leave your thoughts in the comments below.
Elijah Dambell
Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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