Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High

Bitcoin retreated from earlier highs during Tuesday’s session, as sentiment shifted following a move to a multi-month high. Prices surged to their highest point since last August earlier in the day, prior to a red wave sweeping through the market. Ethereum has also dropped, falling below $1,700. Bitcoin Bitcoin (BTC) fell from earlier highs on […]

Feb 21, 2023 - 10:39
Feb 21, 2023 - 15:14
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Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High
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Bitcoin retreated from earlier highs during Tuesday’s session, as sentiment shifted following a move to a multi-month high. Prices surged to their highest point since last August earlier in the day, prior to a red wave sweeping through the market. Ethereum has also dropped, falling below $1,700.

Bitcoin

Bitcoin (BTC) fell from earlier highs on Tuesday, as momentum in cryptocurrency markets rapidly changed as the day has progressed.

Following a high of $25,126.85 earlier in today’s session, BTC/USD has since gone on to fall to a low of $24,642.57.

Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13.

Overall, prices slipped as bulls were unable to force a breakout of a resistance level at the $25,200 mark.

In addition to this, the relative strength index (RSI) also failed to move beyond its own ceiling at 66.00.

As of writing, the index is tracking at 63.29, which is marginally above a support zone at 61.00.

Ethereum

Ethereum (ETH) also moved lower in today’s session, as bears pushed prices below the $1,700 level.

ETH/USD plunged to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a peak of $1,714.29.

Today’s drop sees ethereum move below its long-term support point at the $1,675 mark, which has been mainly stable for the past week.

Like with BTC, the decline in prices comes as the 14-day RSI retreated from a recent ceiling at 61.00.

As of writing, the index is now tracking at a reading of 57.28, and appears to be rapidly nearing a floor of 57.00.

Should bears hit this bottom, ETH will likely be trading below $1,650.

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Are markets consolidating looking ahead to tomorrow’s FOMC minutes? Leave your thoughts in the comments below.

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