{"id":17910,"date":"2023-02-21T13:48:02","date_gmt":"2023-02-21T13:48:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-on-tuesday-following-8-month-high-market-updates-bitcoin-news\/"},"modified":"2023-02-21T13:48:02","modified_gmt":"2023-02-21T13:48:02","slug":"btc-consolidates-on-tuesday-following-8-month-high-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-on-tuesday-following-8-month-high-market-updates-bitcoin-news\/","title":{"rendered":"BTC Consolidates on Tuesday, Following 8-Month High \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin retreated from earlier highs during Tuesday\u2019s session, as sentiment shifted following a move to a multi-month high. Prices surged to their highest point since last August earlier in the day, prior to a red wave sweeping through the market. Ethereum has also dropped, falling below $1,700. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell from earlier highs on Tuesday, as momentum in cryptocurrency markets rapidly changed as the day has progressed.<\/p>\n

Following a high of $25,126.85 earlier in today\u2019s session, BTC<\/a>\/USD has since gone on to fall to a low of $24,642.57.<\/p>\n

Tuesday\u2019s earlier high sent the world\u2019s largest cryptocurrency to its strongest point since June 13.<\/p>\n

Overall, prices slipped as bulls were unable to force a breakout of a resistance level at the $25,200 mark.<\/p>\n

In addition to this, the relative strength index (RSI) also failed to move beyond its own ceiling at 66.00.<\/p>\n

As of writing, the index is tracking at 63.29, which is marginally above a support zone at 61.00.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also moved lower in today\u2019s session, as bears pushed prices below the $1,700 level.<\/p>\n

ETH<\/a>\/USD plunged to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a peak of $1,714.29.<\/p>\n

Today\u2019s drop sees ethereum move below its long-term support point at the $1,675 mark, which has been mainly stable for the past week.<\/p>\n

Like with BTC<\/a>, the decline in prices comes as the 14-day RSI retreated from a recent ceiling at 61.00.<\/p>\n

As of writing, the index is now tracking at a reading of 57.28, and appears to be rapidly nearing a floor of 57.00.<\/p>\n

Should bears hit this bottom, ETH<\/a> will likely be trading below $1,650.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Are markets consolidating looking ahead to tomorrow\u2019s FOMC minutes? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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