Tuesday Saw a Dip in Cryptocurrency Markets, with Ethereum and Bitcoin (BTC) Leading the Decrease

Tuesday saw a 0.9% decline in Bitcoin to $67,957 and a more than 1% drop in Ethereum to $3,855.

Cryptocurrency price today: Bitcoin falls below $68,000; Ethereum, Toncoin clock 2% declines

Highlighting key price movements in the top digital assets.

Bitcoin price today: The biggest cryptocurrency fell for the second session on Tuesday, as traders kept an eye on further transfers from wallets linked to the defunct Mt. Gox exchange.

Bitcoin fell 0.9% to $67,957 by 01:08 ET (05:08 GMT). BTC/USD had hit a record high of $72,808 earlier in the month.

Pressure also came from rising U.S. bond yields, which pushed the dollar higher and away from recent lows.

However, Bitcoin was still up more than 370% so far in 2021, as interest from institutional investors and others helped drive a stunning rally in the world’s largest digital asset.

Later in the week, traders will be watching the U.S. Federal Reserve’s latest policy meeting for any new signals on inflation and monetary tightening.

Bitcoin price technical analysis

Technical analysis showed strong resistance at $71,950, followed by $70,650 and $69,600. On the downside, support was seen at $67,265, $66,380, and $65,144.

The 50-day EMA provided resistance at $68,737. The RSI was at 47, indicating a neutral market.

Relative strength index (RSI) is a widely used technical analysis indicator that measures the magnitude of recent price changes to evaluate whether an asset is overbought or oversold. It is a useful indicator for traders looking to identify potential turning points in the market.

RSI ranges from 0 to 100, with readings above 70 typically indicating that an asset is overbought and may be due for a correction. On the other hand, readings below 30 generally suggest that an asset is oversold and could be poised for a rebound.

While RSI can be helpful in identifying overbought or oversold conditions, it is important to note that it is not a precise science and should be used in conjunction with other technical and fundamental analysis indicators to make informed trading decisions.