Thursday saw Bitcoin consolidating near a significant price floor of $26,300, as a downward death cross exerted downward pressure on the cryptocurrency. The overall market sentiment remained bearish, resulting in a 1.58% decline in the global cryptocurrency market cap. Ethereum also experienced a decrease after coming close to surpassing the $1,900 threshold on Wednesday.

Bitcoin

During Thursday’s session, Bitcoin (BTC) maintained its position without significant price fluctuations. Market volatility remained elevated as investors awaited the Federal Reserve’s interest rate decision scheduled for the following week.

BTC/USD slipped to a low of $26,146.99 earlier in the day, less than 24 hours after trading at $26,897.25.

Today’s move saw the world’s largest cryptocurrency briefly break out of a key support point at $26,300.

After the previous decline in price, bullish Bitcoin (BTC) investors have stepped in to buy the dip, resulting in the cryptocurrency reclaiming its position above the previous price floor.

This comes as the relative strength index (RSI) pivots from a recent free fall, and is now en route to a ceiling at 47.00.

The index is tracking at 44.87, which comes as the 10-day (red) moving average fell below its 25-day (blue) counterpart.

Ethereum

Furthermore, Ethereum (ETH) experienced a slight decline in today’s session, coming down from its recent attempt to break above the $1,900 level.

After a high of $1,896 on Wednesday, ETH/USD dropped to an intraday low of $1,822.30.

As a result of this decline, Ethereum moved below a key support point of $1,830, before bulls moved to stabilize this level.

The chart shows that bulls decided to reenter the market as the RSI found its own floor at 47.00.

The index is at a reading of 48.52, marginally below a ceiling at 49.00.