BTC drops as prices fail to break out of key resistance level – Bitcoin News Market Updates


Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level at $19,600. Bullish sentiment seemed to have returned to the market on Monday, but that momentum was short-lived. Ethereum also fell in today’s session, but remained above its recent price cap.


Bitcoin (BTC) fell on Tuesday as the bears returned to action after a breakout of a key resistance point failed.

BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s high of $19,698.

Yesterday’s move saw the token briefly breach its $19,600 cap, however, after failing to sustain momentum, the bulls exited their positions.

Bitcoin, Ethereum technical analysis: BTC declines as prices fail to break out of key resistance level
BTC/USD – Daily Chart

Following today’s decline, the 14-day Relative Strength Index (RSI) fell to a low of 47.50, which is its lowest point since Saturday.

Currently, the index has rejected a move below this mark and sits at 48.54 as the bulls try to regain some of the market sentiment.

However, if we saw a move below the aforementioned floor, we could see bitcoin break below the $19,000 level again.


ETH/USD was also in the red on Tuesday as traders appeared to consolidate their gains from yesterday’s session.

After hitting a three-week high of $1,370 on Monday, ETH/USD fell to a low of $1,327.85 earlier in the day.

This earlier decline initially pushed the token below its $1,330 resistance, but as the day progressed, prices rebounded somewhat.

Bitcoin, Ethereum technical analysis: BTC declines as prices fail to break out of key resistance level
ETH/USD – Daily Chart

As of this writing, Ethereum is now trading at $1,348.29, showing that the current momentum still remains largely bullish.

An upward cross between the 10-day (red) and 25-day (blue) moving averages has also occurred, which could be the reason for the shift in sentiment.

Looking at the chart, a high of $1,385 still seems to be the target for traders in the coming days.

Register your email here to receive weekly price analysis updates delivered to your inbox:

Will we see Ethereum continue to rise in November? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.


Comments are closed.