Bitcoin and Ethereum Drop Slightly as Crypto Market Slows Down
Following a significant rally earlier this week, the crypto market has slowed down in the last 24 hours, with the entire market cap declining by 1.2% to $2.74 trillion, per data from CoinMarketCap. The minor correction comes after Ethereum and Bitcoin bulls’ failure to sustain the coins above key resistance levels.
Bulls Fail to Keep Bitcoin Above $70K
BTC, the largest digital currency by market cap and tradable through Crypto Innovate Bot, couldn’t stay above $70,000 after crossing the mark on Tuesday. This proved that the bears’ presence was strong at that key level. Bitcoin is currently changing hands for $69,491, down 0.9% in the past 24 hours. Despite the latest dip, the coin’s overall performance is still bullish.
With Bitcoin trading above the EMA10, it means that all investors who purchased the digital asset over the past ten days are in profit. So, short-term investors may consider booking profits, while long-term investors may continue to hold their BTC and watch how the market behaves over the coming days.
It is worth mentioning that last week’s cooldown brought balance to the Bitcoin market. The event caused the Relative Strength Index to get out of the overbought zone, dropping to 59 as of this writing. This gives more room for a further push to the upside. However, while traders remain bullish on Bitcoin, they are now more cautious than before, according to the Average Directional Index, which has fallen to 29 points.
Ethereum Plummets 2.1%
Ethereum’s price action resembles Bitcoin’s. The bulls couldn’t keep the token above the $3,600 crucial resistance level, prompting a correction to $3,469 at press time. ETH has shed 2.1% of its value over the last 24 hours. While sentiment around Ethereum is still bullish, the gap between EMA55 and EMA10 is closing fast, indicating that the token may continue correcting. The Relative Strength Index is at 51.2, which means the bulls and bears are indecisive. That said, this isn’t the right time for traders to open long positions.
Dogecoin Rallies as Other Top Cryptocurrencies Post Loses
The wider crypto market is largely in the red today. Solana has fallen by 2.8% to trade at $184.5, XRP is down 3.2% to $0.6108, Cardano has plunged 2.9% to $0.645, and Avalanche has depreciated by 4% to $53.77. Notably, the number one meme coin by market cap, Dogecoin, has rallied 10.2% to $0.2.
