25 May 2023
Bitcoin dropped below the $26,000 level on Thursday, as bearish pressure intensified in cryptocurrency markets. Prices briefly fell below the $26,000 mark earlier in the day, before rebounding. Ethereum continues to trade below $1,800.
Bitcoin (BTC) slipped below the $26,000 level during today’s trading session, as bears continued to apply pressure to crypto markets.
BTC/USD dropped to an intraday low of $25,890.59 earlier in today’s session, which comes after peaking at $26,703.88 on Wednesday.
As a result of today’s decline, bitcoin fell to its weakest point since May 12, when it was at a bottom of $25,810.
Looking at the chart, the decline came following a breakout at a recent support point of $26,300.
BTC has since rebounded, and as of writing is once again hovering above this point of support.
This came as the 14-day relative strength index (RSI) found a floor of its own at the 39.00 mark.
Ethereum (ETH) also moved lower for a second consecutive session, dropping below the $1,800 level in the process.
Following a high of $1,817.97 on Wednesday, ETH/USD edged to a low of $1,763.37 today.
The move saw ethereum fall below its own support point at $1,790, hitting a two-week low in the process.
From the chart, earlier declines have somewhat eased, as a floor of 43.00 on the RSI has helped stem the bleeding.
Despite the decline, the 10-day (red), and 25-day (blue) moving averages are now close to a cross, which could lead to a reversal in price.
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Do you expect ethereum to end May trading below $1,800? Leave your thoughts in the comments below.
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