In short: Bitcoin consolidated below a key price floor on Tuesday ahead of U.S. retail sales figures. Expected to rebound in April, sales have seen two months of declines due to inflation. Ethereum remained stable above the $1,800 level after declining from a high of $1,845.70 earlier in the day. Price strength and volatility are other contributing factors.
Our quick analysis:
Bitcoin saw some consolidation in the market today as traders eagerly anticipated the upcoming release of the latest U.S retail sales figures. Despite two months of consecutive declines, sales are expected to rebound soon as inflation cools off. Meanwhile, Ethereum remains above the $1,800 level, although it experienced brief fluctuations today.
Bitcoin, which had earlier hit a high of $27,646.35, fell to an intraday low of $26,878.95. However, it has since bounced back and is currently trading at $27,097.23. The Relative Strength Index (RSI) played a significant role in today's dip as a failed breakout of the 42.00 mark seems to have contributed to the decline.
In contrast, Ethereum was relatively stable today, with fluctuations happening only briefly as ETH/USD hit a high of $1,845.70 earlier in the day before declining to $ 1,817.12. ETH is hovering around the $1,820 price floor, which has been in place since last Wednesday when the price was on a six-day losing streak.
It is not surprising that crypto traders are eager to know if the bull market is taking a breather or continuing its climb. The price strength of Bitcoin and Ethereum has contributed to the current market volatility, and the RSI continues to hover around the key resistance level. While some traders may expect the crypto prices to continue to climb this week, others may be more cautious. What do you think? Leave 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 saw some consolidation in the market today as traders eagerly anticipated the upcoming release of the latest U.S retail sales figures. Despite two months of consecutive declines, sales are expected to rebound soon as inflation cools off. Meanwhile, Ethereum remains above the $1,800 level, although it experienced brief fluctuations today.
Bitcoin, which had earlier hit a high of $27,646.35, fell to an intraday low of $26,878.95. However, it has since bounced back and is currently trading at $27,097.23. The Relative Strength Index (RSI) played a significant role in today's dip as a failed breakout of the 42.00 mark seems to have contributed to the decline.
In contrast, Ethereum was relatively stable today, with fluctuations happening only briefly as ETH/USD hit a high of $1,845.70 earlier in the day before declining to $ 1,817.12. ETH is hovering around the $1,820 price floor, which has been in place since last Wednesday when the price was on a six-day losing streak.
It is not surprising that crypto traders are eager to know if the bull market is taking a breather or continuing its climb. The price strength of Bitcoin and Ethereum has contributed to the current market volatility, and the RSI continues to hover around the key resistance level. While some traders may expect the crypto prices to continue to climb this week, others may be more cautious. What do you think? Leave 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!