Bitcoin fell marginally lower on Thursday, as traders moved to secure gains following yesterday’s price surge. The token rallied to a multi-week high above $21,000 late on hump-day, with bulls somewhat retreating today. Ethereum was also down from Wednesday’s five-week high.
Bitcoin (BTC) bulls moved to secure Wednesday’s gains during today’s session, as the token fell from a peak above $21,000.
Yesterday saw the world’s largest cryptocurrency rally to a peak of $21,022. However, it moved to a bottom of $20,430.65 earlier today.
This drop in BTC/USD comes as previous bulls opted to liquidate their gains, and abandon positions, following a move to a five-week high.
As can be seen from the chart, the drop also came as the 14-day relative strength index (RSI) collided with a resistance level.
Price strength rose to its highest level since March, however the index was unable to move past its ceiling of 66.00.
Momentum still remains bullish, as both the 10-day (red), and 25-day (blue) moving averages continue to trend upward, which could act as a positive sign for remaining bulls.
Ethereum (ETH) also edged lower in today’s session, which coincided with the U.S. dollar marginally moving higher.
Following a high of $1,584.64 on Wednesday, ETH/USD moved to an intraday bottom of $1,517.05 earlier today.
Like bitcoin, ETH bulls likely opted to close positions not only in response to USD gains, but also due to profit taking.
Yesterday’s move saw the token hit its highest point since September 15, breaking out of a key resistance level in the process.
Bulls who anticipated this breakout of the $1,385 ceiling were possibly the first to close positions, leading to earlier declines.
Despite this, ethereum has since rebounded from those lows, and as of writing, the token is trading at $1,556.59.
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October 27, 2022
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