Bitcoin dropped for a second consecutive session on Thursday, as price moved towards a key point of support. Today’s sell-off 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 (BTC) was once again in the red on Thursday, as traders continued to secure 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 that bitcoin has hit since April 10, when price traded at a bottom of around $28,100.
BTC/USD – Daily Chart
Looking at the chart, Thursday’s move saw BTC fall under a recent floor at $28,600, with the relative strength index (RSI) also dropping toward a floor of its own.
At the time of writing, the index is now tracking at 51.47, which is marginally above the aforementioned support at 50.00.
BTC has already moved away from earlier lows, and is currently trading at $28,837.95, as of writing.
Ethereum (ETH) slipped to a one-week low in today’s session, as traders attempted to find a point of support.
Following a high of $2,005.44 on Wednesday, ETH/USD dropped to a bottom at $1,928.58 earlier in the day.
As a result of this drop, ethereum fell to its weakest point since April 13, a day which saw ETH hover marginally above $1,900.
ETH/USD – Daily Chart
At the time of writing, ETH has rebounded, which appears to be due to its RSI bouncing from a floor at 52.00.
Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling at 58.00.
If bulls were to take price strength to, or above, 58.00, there is a good chance that ETH will be back over the $2,000 level.
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Do you expect ethereum to climb above $2,000 this week? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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