Bitcoin was trading below $20,000 Saturday as the selling in crypto markets continued into the weekend. ETH also traded below a critical level as its prices dropped below $1,000 for first time in more than 18 months.
Bitcoin
Bitcoin fell to $20,000 on Saturday due to bearish momentum that extended into the weekend.
Bulls tried their best to keep the price stable, but the $20,200 recent support finally fell today.
As a result of this, BTC/USD fell to an intraday low of $18,905.98 earlier in today’s session, which is the lowest level BTC has traded since December 2020.
BTC’s overall price dropped by $13,000 in the first month. It is now down 30% for the seven last days.
The Relative Strength Index is currently trading at 20.9. This is the lowest level in more than five years.
This will be a good opportunity for bulls, but we could see even more volatility over the coming weeks due to the current market volatility.
Ethereum
Similar to bitcoin prices fell below a critical point Saturday with prices falling below $1,000 for first time since Jan 2020.
ETH/USD slipped to an intraday low of $986.85 to start the weekend, which is nearly marginally lower than yesterday’s peak at $1,105.23
This dropped ETH from its $1,050 price floor. We outlined yesterday that this was the last defense to prevent a decline into the $900 range.
The percentage drop in ETH in the last seven days was greater than that in BTC. Prices have fallen by almost 40% since Saturday.
After a string of nearly two-week-long back-to-back drops, ethereum trades over half off its June start price.
Prices are currently above $1,000. However, there will be many more drops below that point over the weekend.
What will be the next support location in ETH? Please leave your comments.
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