Bitcoin (BTC) experienced consolidation during today’s trading session as investors awaited the publication of the latest US retail sales figures. Inflation has fallen, and analysts are predicting that sales for April will rise by 0.8% following two months of declines. BTC/USD hit an intraday low of $26,878.95 on Tuesday after an earlier high of $27,646.35. However, the price of bitcoin rebounded and is currently trading at $27,097.23. The failure of Bitcoin to break past the 42.00 mark on the relative strength index (RSI) was a key factor in yesterday’s decline. The RSI now stands at 41.06, with a potential target of 38.00 if the momentum continues to depreciate.
Stability in Ethereum’s Price Despite Brief Breakout Below $1,800 Level
Ethereum (ETH) remained mostly stable during yesterday’s trading session despite a brief breakout below the $1,800 level. ETH/USD hit a high of $1,845.70 earlier in the day, following on from a bottom at $1,797.84 at the start of the week. The world’s second-largest cryptocurrency has since declined and is currently trading at $1,817.12. The price floor of $1,820 has been in place since last Wednesday, during which the price was on day five of a six-day losing streak. The current volatility in Ethereum’s price has been attributed to its price strength. Similar to Bitcoin, the index is hovering below a key resistance level. If it moves beyond a reading of 45.00, there is a good chance that ETH bulls will make another run for the $1,900 level.
Bitcoin and Ethereum’s Market Performance
The market performance of both Bitcoin and Ethereum has been affected by the global cryptocurrency market. Bitcoin’s market dominance has been consistently decreasing over the last few weeks, reaching a new low of 41.9%. Ethereum’s market dominance has been increasing over the same period, reaching a high of 19.4%. The total market capitalization of all cryptocurrencies has been hovering around $2.3 trillion.
Experts Predict Bitcoin’s Price Will Reach $100K by the End of the Year
Experts predict that Bitcoin’s price will continue to rise, with some suggesting that it will reach $100,000 by the end of the year. The reasons for this optimism include the growing interest of institutional investors in cryptocurrency, the increasing adoption of Bitcoin as a payment method, and the limited supply of Bitcoin. However, there are also concerns that Bitcoin’s price could crash, with some experts warning of a bubble in the cryptocurrency market.