Bitcoin traded marginally lower at the beginning of this week as the price of the cryptocurrency fell for the fourth straight session. The world’s largest cryptocurrency has suffered from increased market volatility, following last Saturday’s surge to a six-week high above $24,000. Ethereum was also down Monday.
Bitcoin
Bitcoin (BTC). Bitcoin traded in the red for most of the week. Monday’s market fall was the fourth consecutive session.
Following last Saturday’s peak of $24,678, which saw BTC/USD hit its highest level since June 13, the token has fallen in back-to-back sessions.
Bitcoin fell to $22,994.61 on Tuesday, the latest drop in bitcoin. This was the fifth consecutive day of decline.
The breakout failed attempt to break out of the market, and bulls weren’t able to hold prices higher than $24,400. This may have triggered a bearish mood.
The price strength reached a ceiling at 62 using the 14-day relative stability index (RSI). This seems to have been the main reason for the decline.
The RSI now tracks at 56 but appears to be on track towards a level of 54. Should this occur, prices may fall close to $21,000
Ethereum
As bearish sentiment continues its sweep over crypto markets, bitcoin was lower as well as ethereum (ETH).
After a high of $1,745.88 on Sunday, ETH/USD fell to an intraday low of $1,650.42 earlier in today’s session.
Prices are now moving toward $1,620, after almost a whole week of low lows.
As with bitcoin, the 14 day RSI of the ETH charts was previously held at a resistance which then triggered this bearish downtrend.
The relative strength index, as of this writing, is at 62.35. This follows a breakout of the floor of 63.
If bearish pressure continues, the next floor of the indicator appears to be at the 58 level. This may be something that traders now target.
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What will the future hold for ethereum by August’s end? Please leave your comments.
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