Bitcoin fell below the $26,000 level on Tuesday, as sentiment in the cryptocurrency market remained bearish. The latest drop comes despite price being oversold, following recent declines. As of writing, the global market cap is down 0.42%.
Bitcoin
Bitcoin dropped marginally below the $26,000 level during today’s session, as overall sentiment in the market remained bearish.
BTC/USD fell to an intraday low of $25,846.09 on Tuesday, following a high of $26,220.20 earlier in the day.
Price has since rebounded, with the world’s largest cryptocurrency currently trading at $26,088.64.
The decline came as the relative strength index (RSI) continued to hover close to a support point of 20.00.
At the time of writing, its exact reading is at 20.90, which is still deep in bear territory, with the next visible ceiling at 29.00.
Should bulls push price strength towards this point, BTC could end up near the $28,000 level.
Ethereum
Ethereum (ETH) continued to hover near a support point of its own on Tuesday, as price consolidation continued.
Following a peak of $1,679.76 to start the week, ETH/USD slipped to an intraday bottom at the $1,651.96 mark.
Overall, ethereum has traded around a key price floor of $1,650 since last Thursday’s drop to a low of $1,540.
After falling below 20.00 over the weekend, the RSI has edged slightly higher in recent days, and is now tracking at 24.82.
A point of resistance at 27.00 is fast approaching, and should this point be broken, there is a good chance ETH will reenter the $1,700 zone.
Should the asset break out of this point, ETH will likely move back above $1,700.
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Will market consolidation end this week? Leave your thoughts in the comments below.
