Bitcoin prices fell during the hump day session as the bulls were unable to hold on to Tuesday’s gains. The world’s largest cryptocurrency once again dipped below the $30,000 level, while ETH also moved lower.
After a slight rally in price during the trading session on Tuesday, bearish sentiment returned to the markets on Wednesday.
This sentiment caused BTC/USD to drop to a low of $29,570.30, less than 24 hours after trading as high as $30,694.49.
Wednesday’s low sees a continuation of price consolidation as traders continued to navigate through the ongoing volatility within the markets.
As a result of today’s move, bitcoin is now approaching a support level at $28,800, with the 14-day RSI remaining in oversold territory.
Looking at the chart, this indicator is currently at 33.87, which is marginally below a ceiling of 35.
As discussed on Tuesday, it is unlikely that we will see the end of the consolidation unless this level is broken firmly.
While ETH also fell in today’s session, it was able to hold above $2,000 once again, despite a drop in price.
ETH/USD fell to an intraday low of $2,015.97 earlier in the day, which is just over 3% lower than yesterday’s high of $2,113.06.
Today’s move means ETH is now trading around $80 away from its $1,950 resistance point.
Some expect this bottom to be reached in the coming sessions, especially with the RSI continuing to hover below its 34 ceiling.
The moving averages are also trending lower, with the 10-day and 25-day moving averages extending their respective directions lower.
Overall, ETH is currently 2.09% lower, with no real signs that this bearish pressure is slowing.
Where do you expect BTC and ETH to end up by the end of the week? Leave your thoughts in the comments below.
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