Bitcoin, Ethereum Technical Analysis: BTC Consolidates Close to $26,300 Support Level, Market Volatility Remains High
Bitcoin consolidated close to a key price floor of $26,300 on Thursday, as a downward death cross sent the cryptocurrency lower. Overall sentiment in the market remains lower, with the global cryptocurrency market cap falling by 1.58% as of writing. Ethereum also declined, after nearing a move above $1,900 on Wednesday.
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Bitcoin (BTC) consolidated during Thursday’s session, as market volatility remained high ahead of next week’s Federal Reserve interest rate decision.
BTC/USD slipped to a low of $26,146.99 earlier in the day, which comes less than 24 hours after trading at $26,897.25.
Today’s move saw the world’s largest cryptocurrency briefly break out of a key support point at $26,300.
Since this earlier fall, BTC bulls have moved to buy the dip in price, with the cryptocurrency now once again above this floor.
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This comes as the relative strength index (RSI) pivots from a recent free fall, and is now en route to a ceiling at 47.00.
At the time of writing, the index is tracking at 44.87, which comes as the 10-day (red) moving average fell below its 25-day (blue) counterpart.
Additionally, ethereum (ETH) edged lower in today’s session, a day after prices neared a breakout above the $1,900 level.
Following a high of $1,896 on Wednesday, ETH/USD dropped to an intraday low of $1,822.30.
As a result of this decline, ethereum moved below a key support point of $1,830, before bulls moved to stabilize this level.
From the chart, it appears that bulls decided to reenter the market as the RSI found its own floor at 47.00.
Currently, the index is at a reading of 48.52, which is marginally below a ceiling at 49.00.
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