BTC dropped below $20,000 Tuesday due to volatility on financial markets continuing to peak due to the current level of inflation. It fell below $1,100 against the U.S. dollar for more than 20 years. This seems to have an effect on crypto price. ETH dropped below $1,100.
Bitcoin
Bitcoin dropped below $20,000 during Tuesday’s trading session, as markets responded to recent bearish pressure.
The world’s largest crypto token fell to a low of $19,613.95 earlier today, which is roughly $1,000 lower than yesterday’s peak at $20,664.82.
BTC/USD trades lower at the moment for a fourth consecutive session. Traders are likely to target a crucial price floor.
This support level looks like it is located at the $18,845 area, as shown in the chart. If relative strength persists, then this level could also be hit.
Today’s decline in price pushed the RSI below its own floor at 37.40, and it looks to be heading for a lower point at 31.
This could lead to BTC trading at $18,000 or lower.
Ethereum
ETH’s recent losing streak continued, and today’s prices dropped to the lowest in nearly a week.
As at Tuesday writing, the price of ETH/USD was $1,056.05 which marks its lowest point since July 4th, during U.S. Independence Day celebrations.
Ethereum has lost over $100 over the last 24-hours. This is causing prices to drop below a long-term support level.
The chart shows that the $1,050 floor has been in effect for the last month and it is the only defense against prices falling below $1,000.
We have seen the RSI for the ETH charts drop below a support mark, which is similar to bitcoin. This may indicate that there will be downward pressure.
The new floor for price strength is 35.85. This level of oversold already exists. We may still see price drops if this floor is lifted.
What happens if BTC drops below $19,000? And ETH falls below $1,000 this week. Comment below to share your views.
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