On Friday, losses in crypto markets increased with bitcoin hitting multi-week highs. The session saw Ethereum drop, while the global crypto market capital was at 3.70%.
Bitcoin
Bitcoin was down for a third consecutive session, as recent bearish pressure continued to intensify on the world’s largest cryptocurrency.
Following a high of $43,327.99 on Thursday, BTC/USD fell below $40,000 during today’s session, and is down nearly 7% as of writing.
BTC reached an intraday high of $39633 as of writing, sending prices lower than its support level of $41,765.
The market is still uncertain, and this price drop comes with increasing uncertainty.
Traders, which typically see BTC as a high-risk asset, have moved to gold instead, leading to prices of the “safe haven” currency climbing to multi-month highs.
BTC/USD however seems to have found an interim floor after today’s selloff, with the 14-day RSI also consolidating, after earlier weakness.
Ethereum
ETH traders were able to pull the rug from their feet on Friday, after barely staying above $3,000 yesterday.
ETH/USD fell to an intraday low of $2,824.08 during today’s session, which is its lowest level since February 4.
The move came as prices of the world’s second largest cryptocurrency fell below support at $2,840. However, the asset has since recovered some of its feet.
In addition to this, the 14-day RSI has moved further into oversold territory after this week’s declines, which has seen ETH lose 8% of its value.
As at writing, bears may look to drive the $2,500 level if current support breaks.
Is this the beginning of a bearish trend that will continue into next weekend? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
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