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On Tuesday, as prices dropped below a support level of $27,000, Bitcoin prices hovered just above a four-week low. The drop occurred ahead of today’s U.S. consumer confidence survey, which is predicted to drop from 104.2 to a score of 104 in April. Ethereum was also down and was on the verge of breaking through the $1,800 mark.
Bitcoin
As markets waited for the upcoming report on consumer confidence in the United States, Bitcoin (BTC) traded close to a one-month low.
BTC/USD hit a high of $27,701.26 yesterday before dropping to a low of $27,070.85 on Tuesday.
Since it last traded below $27,000 on March 28th, this is the lowest price that Bitcoin has ever dropped.
According to the chart, this decline occurred as the relative strength index (RSI) retreated towards a floor at 41.00.
After failing to break through a ceiling at 45.00 at the time of writing, price strength is tracking around 43.14.
There is a significant likelihood that BTC will shift to a lower floor below $26,500 if bears manage to drag the index below 41.00.
Ethereum
In today’s session, Ethereum (ETH) also experienced losses as bears drove the price down near the $1,800 level.
Tuesday saw ETH/USD reach an intraday low of $1,807.74 after reaching a high of $1,874.11 the day before.
On Tuesday, Ethereum slipped below its most recent support level, which had been at $1,830 since April 4.
According to the chart, the most recent decline occurred after the RSI indicator hit the ceiling at the 48.00 level.
Price strength is currently tracking at 43.67, with a potential objective for bears at a support level of 42.00 should momentum keep moving similarly.
The 10-day moving average (red) is currently getting close to crossing over with its 25-day (blue) counterpart, which might indicate future falls.
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