Bitcoin fell significantly on Friday as it lost over $1,500 within a 24 hour period. The world’s largest cryptocurrency has been declining all week, however today’s drop engulfed previous losses. The token also fell below $1700, the lowest level in nearly ten days.
Bitcoin
Bitcoin (BTC), fell lower Friday for the seventh straight session, after it broke from a crucial price floor earlier in day.
BTC/USD plunged to $21,718.54 intraday, a drop that saw it fall below the $22,600 support level.
This move saw the world’s largest cryptocurrency hit its lowest point since July 27, and near a new floor of $21,150 in the process.
You can see in the chart that the decrease coincided as the relative strength (RSI) 14-day index fell below its floor of 46.
Currently the index is at 37.87. This is not only oversold, but also the lowest point that the RSI reached in more than a month.
Although already selling above their limit, bears appear to be trying again to capture a floor below 34.95. If this happens, BTC could drop below $21,000
Ethereum
In addition to BTC, ethereum (ETH) also fell considerably lower in today’s session, as prices dropped below $1,700.
ETH/USD dropped to a bottom of $1,695.15 earlier in today’s session, as a red wave swept through cryptocurrency markets.
This is the lowest level ETH have traded at since August 10, which was when they hit a ceiling of $1,705.
Today’s move has seen the token move marginally below this support level, whilst the RSI also dropped below a key floor.
At the time of writing, relative strength for ethereum was at 47. This is similar to bitcoin’s weakest point since mid July.
If the downtrend continues, it is possible that ETH bears might look to bring prices below $1,600.
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