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Bitcoin, Technical Analysis: Crypto prices fall as markets continue to digest Biden's Executive order

Within 24 hours of the executive order by the U.S. President, the cryptocurrency markets fell more than 5%, and the global market cap was down by over 5%. 

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Bitcoin, Technical Analysis: Crypto prices fall as markets continue to digest Biden's Executive order

Bitcoin traded below $40,000 again, while ETH was hovering slightly above $2,500.


Crypto traders are beginning to understand what yesterday's executive orders could mean for the long-term.

The world's most popular cryptocurrency is down by more than 7% on Thursday. This wipes out yesterday's gains.

After Wednesday's high of $42,465.67 on Wednesday, Bitcoin/USD fell to an intraday low at $38,832.94 just before the close of the session.

After moving up to 54.6 yesterday, the 14-day RSI is now at its lowest support level of 47.4.

Volatility in price strength is a sign of the market uncertainty. Traders seem afraid to hold onto gains and instead accept profits.

Many expect price consolidation as momentum shifts once more. This could be confirmed if Bitcoin reaches its floor of $37,000.


Thursday's session saw Wednesday's gains in Ethereum also erased. The world's second largest cryptocurrency trades today were 5.17% lower.

ETH/USD traded at $2,593.45, after having climbed to $2,756.06 less 24 hours earlier.

ETH is currently at an intraday low $2,566.19 during Thursday’s session. This is slightly below its long-term floor level of $2,550.

This drop in support will likely draw bears away from maintaining pressure in hopes that they can breakout to the lower level at $2,400.

This could lead to the RSI moving from its current 48-degree position to its floor of 42.


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