BTC Falls to $20,000 Range, as Sell-Off Extends – Market Updates Bitcoin News

As the crypto market crash continued, Bitcoin fell for its eighth consecutive session. BTC declined to $20,000, while ETH dropped to $1,000 for the first-time since December 2020. This was a multi-year high.

Bitcoin

BTC was trading lower for an eighth consecutive day, with Monday’s decline sending prices to their lowest point since December 2020.

The world’s largest crypto token fell to an intraday low of $20,950.82 in today’s session, following yesterday’s low of $23,607.69.

This latest decline comes as traders prepare for tomorrow’s FOMC meeting, where some expect the Federal Reserve to increase interest rates.

The Fed must make further policy changes to curb rising prices, as the U.S. inflation rate continues to rise.

Technically, the 14 day RSI has dropped to 23.77, its lowest level in more than five years.

Many think that there is no price floor after the recent drop in value. Others expect prices to possibly land around $19,000.

Ethereum

Ethereum fell below $1,100 on Tuesday, as the price decline in the world’s second-largest cryptocurrency worsened.

After reaching a weekly high of $1269.76, ETH/USD dropped to $1,094.70 intraday earlier today.

This dropped saw ETH reach its lowest point since January 20,21, when it was at $748.

ETH lost its $1,275 support and is now expected to seek support around $800.

This will most likely be a bullish move by the bulls. They will also benefit from the fact the 14-day RSI has been deeply oversold with very little bearish volume.

Current relative strength stands at 21. It is the lowest level since March 2020 during the peak coronavirus epidemic.

Is ETH likely to fall below $1,000 in the coming weeks? Comment below to share your views.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.