Bitcoin fell on the hump day after strong gains to begin the week. ETH prices also fell today, moving back towards the $1,000 mark.
After two consecutive days of gains, Bitcoin fell on the hump day as bears reportedly re-entered market.
USD/BTC is down nearly 3% at the time of writing after hitting an intraday low in today’s session of $20,045.63.
This is after prices failed yesterday to break the $21,000 resistance mark.
This is usually a signal for bears to retake momentum after a false breakout. However, there appears to be some uncertainty.
BTC traded almost $500 higher today than it did yesterday, which indicates that bullish sentiment from the last two days is still present.
Bears will likely test this sentiment and push bitcoin over the $20,000 cliff in the coming days.
Ethereum also had a cliff, as bears again drove prices to the $1,000 mark in today’s session.
After a Tuesday peak of $1185.43, ETH/USD dropped to $1,073.88 the following hump day.
This action ended ETH’s two-day winning streak that began June 5. The token is now trading around 4% lower as of this writing.
ETH is down just 2.95% after gains over the last few days. It was down nearly 40% on Sunday.
Overall, the momentum is still bearish for the second-largest token in the world, with some anticipating moves back towards $800.
If we see resistance at 30 on the 14-day RSI, then this will likely signal a continuation in bullish pressure.
The post Hump Day ends Bitcoin and Ethereum 2 Day Pump – Analysis first appeared on The Daily Encrypt.