BTC Drops to 2-Week Low Below $40,000 – Market Updates Bitcoin News

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.

Bitcoin, Ethereum Technical Analysis: BTC plunges to 2-Week Low Below $40,000
BTC/USD – Daily Chart

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.

Bitcoin, Ethereum Technical Analysis: BTC plunges to 2-Week Low Below $40,000
ETH/USD – Daily Chart

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.

eliman@bitcoin.com'
Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.




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