BTC prices fell below $33,000, the lowest since last July. The selloff in cryptocurrency started last week, following the Fed’s decision to hike interest rates by 0.5%. Due to the red wave, ETH also fell two months ago.
Bitcoin
Bitcoin fell to its lowest level in ten months to begin the trading week as the market experienced a continuing red tide.
BTC/USD plunged to $32,813.31 intraday after five consecutive days.
Today’s bottom is the lowest level prices have traded since July 23 last year, when prices went on to drop below $30,000.
Weakness in cryptocurrency markets has been present since the beginning of April, however following last Wednesday’s rate decision, a new chapter of the downturn seems to have commenced.
Due to the recent price drop, the 14 day RSI now tracks at a low 29.50. It is at its lowest level since January 26th.
This level, which was used as a support level in the past could be broken. Then relative strength could fall as low as 19 as it did on 22 January.
Ethereum
ETH slipped to its lowest level since late February during today’s session, which came following a five-day losing streak.
Today’s declines saw the world’s second-largest cryptocurrency drop to a bottom of $2,374.30, which is its lowest point since February 28.
This move brought ETH/USD close to a $2,350 floor, but it seems that bears may have liquidated previous gains. Prices are now at $2,396.98.
The 14-day Relative strength Index was also at its lowest point of 30.70 as of the writing of this article. This is well above oversold territory.
Although there have been some rebounds, many believe that more falls could occur. Bears should consider the $2,175 area as a potential target.
Overall, ETH is trading 6.15% lower than yesterday’s high, with crypto markets down by 5.20% as of writing.
Are we likely to see more lows in the coming weeks? Comment below to share your views.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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