Bitcoin, Ethereum Technical Analysis: BTC Slips Below Key Support Point as US Markets Reopen Following Labor Day

Bitcoin moved lower on Tuesday, as U.S. traders returned from the Labor Day celebration, bringing back bearish sentiment with them. The global crypto market cap was down by 0.47% at the time of writing. Ethereum remained in the red, with price trading below a recent support point.

Bitcoin

Bitcoin fell further below the $26,000 level on Tuesday, as U.S. traders returned to action in today’s session.

BTC/USD dived to a bottom at $25,589.99 earlier in the day, following a high of $25,945.42 to start the week.

As a result of the decline, bitcoin moved marginally below a support point of $25,600, however bulls have reentered to swiftly reject this breakout.

BTC/USD – Daily Chart

At the time of writing, BTC is trading at $25,754.25, which seems to be due to the relative strength index (RSI) finding its own floor.

The RSI is currently at a reading of 36.19, which comes after resisting a breakout from a floor of 35.00.

A ceiling at 39.00 now awaits would-be bulls, and should they rally beyond this point, BTC will likely be back above $26,000.

Ethereum

Ethereum (ETH) is currently trading around a floor of its own at $1,630, after rebounding from an earlier breakout.

After starting the day at a low of $1,610.14, ETH/USD has been able to rise to a peak of $1,635.29 on Tuesday.

Overall, ethereum has mostly hovered around this point since August 17, following a drop in price which sent the cryptocurrency below $1,600.

ETH/USD – Daily Chart

This consolidation has led to the 10-day (red) moving average nearing its 25-day (blue) counterpart, increasing the prospect of an upwards cross.

Longer-term bulls are likely looking for such a technical occurrence, which could help provide validation for buying the current dip.