Bitcoin pulled back from previous highs during the session on Tuesday, as sentiment turned after a move to a multi-month high. Prices rose to their highest since last August earlier in the day, before a red wave swept through the market. Ethereum has also fallen, dipping below $1,700.
Bitcoin
bitcoin (BTC) fell from previous highs on Tuesday, as the momentum in the cryptocurrency markets changed rapidly as the day progressed.
After a high of $25,126.85 in today’s session, BTC/USD has since fallen to a low of $24,642.57.
The previous high on Tuesday sent the world’s largest cryptocurrency to its strongest point since June 13.
Overall, prices fell as the bulls were unable to force a breakout of a resistance level at the $25,200 mark.
On top of this, the RSI also failed to break above its own top at 66.00.
At time of writing, the index stands at 63.29, which is marginally above a support zone at 61.00.
Ethereal
ethereal (ETH) also moved lower during the session today, as the bears pushed prices below the $1,700 level.
ETH/USD fell to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a high of $1,714.29.
Today’s drop sees Ethereum move below its long-term support point at the $1,675 mark, which has been flat for the past week.
as with BTCthe price decline comes as the 14-day RSI pulled back from a recent high at 61.00.
At time of writing, the index is now tracking a reading of 57.28 and appears to be rapidly approaching a 57.00 bottom.
If the bears hit rock bottom, ETH it will probably trade below $1,650.
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