Bitcoin hit a hurdle on hump day, as the world’s largest crypto token moved lower, following strong gains to start the week. ETH also slipped during today’s session, with prices moving back towards the $1,000 mark.
Following two straight days of gains, BTC was lower on hump day, as bears seemingly re-entered the marketplace.
BTC/USD is down by nearly 3% as of writing, after hitting an intraday low of $20,045.63 earlier in today’s session.
This move comes after prices failed to sustain a breakout of yesterday’s resistance level at the $21,000 mark.
Typically after such a false breakout, this acts as a signal to bears to retake momentum, however there seems to be a level of uncertainty still in this.
After previous lows today, BTC is now trading almost $500 higher, which shows that the bullish sentiment from the past two days still remains.
Despite this, bears will likely attempt to test this sentiment, and attempt to push bitcoin off the $20,000 cliff in coming days.
Ethereum was also a cliff of its own, as bears once again pushed prices close to the $1,000 level in today’s session.
Following a peak of $1,185.43 on Tuesday, ETH/USD slipped to a bottom of $1,073.88 on hump day.
This move put an end to ETH’s first two-day winning streak since June 5, and as of writing the token is trading roughly 4% lower.
Thanks to gains in the past few days, ETH has gone from being down by nearly 40% in its seven-day average on Sunday, to now only being down 2.95% in the last week.
Overall, momentum still looks bearish for the world’s second largest token, with some expecting moves back towards $800.
However, should we see a breakout of the resistance on the 14-day RSI at 30, then there will likely be a continuation of this week’s bullish pressure.
Will we see ETH hit $800 or $1,200 first? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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