Bitcoin profit takers swooped in to capture recent profits on Wednesday, as the cryptocurrency retreated below a recent high above $35,000. The decline comes ahead of Federal Reserve Chair Jerome Powell’s speech later today. Ethereum also edged lower, dropping under the $1,800 level.
Bitcoin
Bitcoin was trading lower on Wednesday, as traders appeared to have finally decided to secure profits, following recent gains.
BTC/USD slipped to an intraday low of $33,278.40 late in yesterday’s session, after an earlier peak above the $35,000 mark.
Although bulls have since pushed the cryptocurrency higher, with the price now at $34,246.74, it remains below heights seen on Tuesday.
One reason for this being the relative strength index (RSI), which was significantly overbought on Tuesday, tracking around 89.00.
Currently, the index is at a reading of 87.22, which is marginally lower, but still remains primed for a reversal.
Today’s speech could be the storm that traders are waiting to clear, before either intensifying recent momentum, or selling off further.
Ethereum
Ethereum (ETH) retreated below the $1,800 level on Wednesday, snapping a six-day winning streak.
Following a high of $1,852.68 during yesterday’s session, ETH/USD fell to a low of $1,758.69 earlier in the day.
ETH has since rebounded, marginally, and is now trading at $1,784.57, which is over 3% lower than Tuesday’s peak.
Overall sentiment remains largely positive, with the 10-day (red) moving average extending its upward trend versus its 25-day (blue) counterpart.
Although the RSI in ethereum is also overbought, and tracking above 70.00, bulls could attempt to push the price above $1,900 in this upcycle.
Register your email here to get weekly price analysis updates sent to your inbox:
How will today’s Fed speech impact crypto prices? Leave your thoughts in the comments below.
#MarketUpdates, #Analysis, #Bitcoin, #BTC, #Crypto, #Cryptocurrency, #ETH, #Ethereum, #FederalReserve