In short: Bitcoin dropped below $27,000 mark with its RSI tracking at 40.83, while Ethereum briefly broke its $1,800 level and fell below a floor at $1,790, however, it rebounded since. Fed Chair Jerome Powell will have a discussion with former Chair Ben Bernanke at a conference in Washington, with markets expecting guidance from Powell on the Federal Reserve's future decisions, leaving investors curious about the impact of this speech on markets.
Our quick analysis:
Bitcoin suffered a blow on Friday as it fell below the $27,000 mark, causing concern among investors. The drop occurred ahead of a panel discussion which included Fed Chair Jerome Powell, who is expected to provide some guidance on future Federal Reserve decisions. Markets are eagerly awaiting Powell's directive on potential actions expected in the coming months.
Following a high of $27,466.53 on Thursday, the price of BTC/USD plummeted to an intraday low of $26,415.10 earlier today, losing over $1,000 in the process. This decrease pushed bitcoin towards an important price point of $26,300.
Furthermore, the 14-day relative strength index (RSI) slipped below 42.00 resistance again, indicating that the price strength now sits at a low 40.83. If bears continue to dominate, a support point at the 38.00 zone could be targeted.
Ethereum also saw its prices fall and struggled to stay above the $1,800 level. ETH/USD hit a low of $1,774.20 but then rebounded, following a high of $1,826.90 a day earlier. Currently, Ethereum's RSI is at a reading of 44.83, so investors are eager to see if it will be able to break out of the resistance point at 45.00.
While investors are keeping an eye on both cryptocurrencies, many are curious to see if Powell's speech will have an impact on the market. Do you think the market will take a turn for the better or worse? Share your thoughts in the comments below!
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Bitcoin suffered a blow on Friday as it fell below the $27,000 mark, causing concern among investors. The drop occurred ahead of a panel discussion which included Fed Chair Jerome Powell, who is expected to provide some guidance on future Federal Reserve decisions. Markets are eagerly awaiting Powell's directive on potential actions expected in the coming months.
Following a high of $27,466.53 on Thursday, the price of BTC/USD plummeted to an intraday low of $26,415.10 earlier today, losing over $1,000 in the process. This decrease pushed bitcoin towards an important price point of $26,300.
Furthermore, the 14-day relative strength index (RSI) slipped below 42.00 resistance again, indicating that the price strength now sits at a low 40.83. If bears continue to dominate, a support point at the 38.00 zone could be targeted.
Ethereum also saw its prices fall and struggled to stay above the $1,800 level. ETH/USD hit a low of $1,774.20 but then rebounded, following a high of $1,826.90 a day earlier. Currently, Ethereum's RSI is at a reading of 44.83, so investors are eager to see if it will be able to break out of the resistance point at 45.00.
While investors are keeping an eye on both cryptocurrencies, many are curious to see if Powell's speech will have an impact on the market. Do you think the market will take a turn for the better or worse? Share your thoughts in the comments below!
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!