Following yesterday’s gains, both bitcoin and ethereum consolidated on Wednesday, as bullish momentum eased. After rallying above $32,000, BTC moved marginally lower during the hump-day session, while ETH once again fell below $2,000.
BTC was trading lower on hump-day, as bullish sentiment slightly faded, following yesterday’s price surge.
Following a move to a nearly three-week peak of $32,249.86 on Tuesday, BTC/USD dropped to a bottom of $31,286.15 earlier today.
This drop comes as bitcoin bulls likely decided to liquidate positions, despite prices climbing over the recent resistance of $30,500.
Typically after such a breakout — especially after weeks of consolidation — momentum extends, however bulls seem uncertain about further increases, hence why some have abandoned positions.
Looking at the chart, this may be due to the fact that they spotted the ceiling on the 14-day RSI of 51, which hasn’t been broken in three months.
However, should relative strength move b