On Wednesday, Bitcoin lost recent gains as markets reacted to the most recent U.S. economic data points. One was consumer confidence, which fell to its lowest level in six months in May. In today’s session, Ethereum also fell, falling below $1,900.
As markets reacted to the most recent information regarding consumer confidence in the United States on Wednesday, Bitcoin (BTC) was on the verge of breaking below $27,000.
BTC/USD fell to an intraday low of $27,009.69 earlier in the day after reaching a high of $28,037.69 on Tuesday.
The decline occurs as market momentum has slightly shifted, with the global market cap for cryptocurrencies down 2.59% as of this writing.
The decrease in BTC today occurs despite an impending crossing between the 10-day (red) and 25-day (blue) moving averages.
The chart shows that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this.
With a reading of 47.10, the index is currently tracking near to a floor at 46.00; should this hold, a reversal is still probable.
In today’s session, Ethereum (ETH) fell below $1,900 as bulls withdrew from a recent multi-week high.
After reaching a high of $1,914.85 the day before, the price of ether (ETH) in US dollars fell to a low of $1,860.37 early today.
Overall, the change in momentum has caused Ethereum to retreat from its most recent high of $1,928, which was the price’s highest point since May 8.
Looking at the chart, it can be seen that the change in trend was partially caused by failing to move past the $1,930 resistance level.
Overall, it appears like bears are now focused on driving the price down to a support level of $1,830, with the RSI looking for its own floor.
The index is now tracking at 52.60, with the next visible floor potentially at 49.00.