Bitcoin fell below $30,000 for the second time this week, however today’s plunge saw prices fall to their lowest level since December 2020. BTC fell to an all-time low of $26,000 on Thursday. ETH dropped below $2,000 the first time since over a decade.
Bitcoin
BTC lost a little bit on Wednesday and fell into red again on Thursday. Crypto bears were still running wild on the markets.
BTC/USD fell to $26,350.49 intraday earlier today. This was less than 24 hours after it hit a high of $31,868.30.
Today’s bottom is the lowest level bitcoin has hit since December 2020, as markets went on to climb above $30,000 for the first time.
The latest crypto bear wave comes after LUNA fell even more over the past day with the price currently below $0.10.
Today, USDT lost parity to the dollar, causing even greater volatility in crypto markets. Traders ran to sell their positions.
The chart shows that the 14-day RSI stands at 23. This is close to a 5-month low. The bears might still try to push the price towards 19 but this is not likely.
Ethereum
ETH also fell during today’s slump, as bearish pressure pushed the world’s second-largest cryptocurrency below $2,000.
Following a peak of $2,421.12 during yesterday’s session, ETH/USD sank to an intraday low of $1,748.30 on Thursday.
This sell-off has caused the price to fall 18%, reaching a low not seen since March 2013.
Since then, prices have attempted to rise above $2,000 with ETH at $1.993.19 as bulls tried to establish a steady floor of $1,930.
Similar to BTC on Thursday, ETH relative strength fell to a multimonth high and is currently trading below 25.
Bulls are likely to be keen on entering the market again once they find a floor.
Is it possible that ETH could continue to slide, possibly towards $1,500 Please leave your comments.
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