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Just before a panel discussion with Fed Chair Jerome Powell on Friday, Bitcoin dropped under the $27,000 mark. At a conference in Washington, Powell will discuss with former Chair Ben Bernanke. Today, Ethereum’s price went slightly down.
Bitcoin
The price of Bitcoin (BTC) fell under $27,000 on Friday before a panel discussion that will feature Fed Chair Jerome Powell.
Markets anticipate Powell to provide some forward information regarding potential future actions the Federal Reserve may take in the near future.
BTC/USD fell to an intraday low of $26,415.10 earlier today after reaching a high of $27,466.53 on Thursday.
The action, which caused the price to drop by more than $1,000, drove Bitcoin closer to a crucial price floor of $26,300.
The 14-day relative strength index (RSI) again fell below its resistance at the 42.00 level on Friday, which is when the slippage occurred.
Price strength is currently tracking at 40.83, and bears may aim for a support level in the 38.00 area.
Ethereum
Today’s session saw losses for Ethereum (ETH), which momentarily broke beyond the $1,800 mark.
After reaching a high of $1,826.90 on Thursday, ETH/USD dropped to a low of $1,774.20 on Friday.
After reaching a high of $1,826.90 on Thursday, ETH/USD dropped to a low of $1,774.20 on Friday.
Like BTC, Ethereum’s RSI could not overcome a barrier at 45.00 and is currently reading 44.83.
A sign of hope for bulls comes in the 10-day (red) moving average, which moved closer to a crossover with its 25-day (blue) counterpart.
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