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Bitcoin Drops to $56.5K, Ether Also Falls

Bitcoin goes to a lower low of $56.5 thousand, Ether also takes a dip. The dip comes at a time when US President Joe Biden has chaired Jerome Powell again as the head of Federal Reserve.

Earlier in the day, bitcoin picked up a little after again dipping and adapting to a downward trend. Ether followed a much similar pattern, slightly going up after diving again.

The downward pressure on major crypto assets like bitcoin and ether is to be expected. Bitcoin’s price increased more than 50% in the last 45 days to its all-time high. We expect the week to consolidate around $55K before rising again to $60K before the end of the month. We’ve repeatedly seen profit-taking in crypto when there are these quick run-ups.

Joe Dipasquale, BitBull Capital CEO

He also added that the news of Biden’s appointment is a good thing for crypto; as the US doesn’t seem to be on the path of quantitative tightening.

The Intraday chart signals of Bitcoin and Ether are neutral; also suggesting that the momentum of the crypto might pick up soon. Listening to this, Bitcoin buyers and holders are still very positive about the future. And are sticking to PlanB’s prediction.

The Relative Strength Index (RSI) on the day chart is slowly reaching “oversold” levels. This implicates that the support of a price recovery is similar to how it happened in late September. The new buyers remain active over the weekend, even though the upper resistance level was set to $60,000.

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