The Bitcoin price started this week at $19,000. This was despite recent economic concerns continuing to affect cryptocurrency markets. The token fell lower in today’s session, as market sentiment remained bearish following last week’s rate hikes by the U.S. Federal Reserve. Ethereum also fell below $1,300
Bitcoin (BTC) slipped below $19,000 to start the week, as sentiment in the market remained bearish following last week’s interest rate hike by the U.S. Federal Reserve.
BTC/USD dropped to $18,696.47 Monday after a weekend consolidation. This was less than 24 hours after it hit a high of $19274.87.
Today’s decline pushes bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday, following the United States FOMC meeting.
BTC is trading at $18,942.88 as of this writing.
Bears look set to recapture this floor, and should this happen, we will likely see the world’s largest cryptocurrency trading at a three-month low.
To shift sentiment, bulls need to surpass a limit of 44.00 on the 14 day relative strength index (RSI).
Ethereum (ETH) traded lower Monday because the token remained below the $1300 level.
After a Sunday high of $1330.44, the ETH/USD fell to an intraday low today of $1275.63.
This is because the RSI was unable to surpass its key ceiling of 39.00. Its failure to do so led to an increase in bearish pressure.
Also, the 10-day moving average (red) continues to fall versus its counterpart (blue), which is another indicator of bearish intent.
The floor at $1,215 could be the target of bears. If they achieve this goal, then may start to withdraw from their positions.
As the bulls fight against the selloff, ETH traded at $1.314.92 at writing.
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