The price of bitcoin hit a low of $5,850 on Sunday before recovering to $6,500 by Tuesday afternoon. Ethereum has also experienced a significant drop in value over the past few days, with the price falling to $650 on Sunday before recovering to around $750 by Tuesday afternoon.
The bears have been in control of Bitcoin and Ethereum prices since last week when they broke below their 200-day moving averages. Since then, Bitcoin has continued to fall as it approaches its 200-day moving average at $6,000 while Ethereum has fallen to its 200-day moving average at $700.
The price action for both cryptocurrencies is indicative of a strong downtrend which could continue for some time yet before the bulls take back control again.
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