As a result of a red tsunami that swept through the crypto markets, Bitcoin and Ethereum both dropped to their lowest levels in more than three weeks. BTC, ETH and the total crypto market are down 3.75% as of today’s writing.
Bitcoin
Bitcoin’s recent slide continued on Monday as Bitcoin prices dropped for the fifth time in seven sessions to begin the week.
The intraday high for BTC/USD was $43,376.38 just 24 hours before it fell to $41,055.79.
The asset fell to $42,000 below its long-term support level, causing it to drop by three weeks.
This chart clearly shows that BTC is trading below its floor for the first-time since 22 March.
The 14-day RSI saw the floor at 43.55 finally give in after being held firm over the weekend.
This indicator currently tracks at 40. It is the lowest level in 2 months. If it continues to fall, BTC could drop below $40,000.
Ethereum
The fall in ETH was even greater than that of BTC on Monday, as the world’s second-largest cryptocurrency lost over 5% of its value.
This was double that of BTC’s fall, and saw ETH/USD fall to an intraday low of $3,068.59 to start this week’s session.
Monday’s drop saw prices fall to their lowest point since March 24, when ETH was attempting to break into the resistance at the time of $3,145.
Even though ETH was close to falling below $3,000, a temporary floor appears to have been discovered at $3,010 which seems to be the point bulls usually look to purchase.
As you can see, the losses have slowed since they hit this floor. This could be due to bears running in anticipation for a rebound.
The 14-day RSI was at 45.10 as of this writing. This could signal bulls that they should buy since markets are still oversold.
Were ETH and BTC likely to fall below $3,000 / $40,000 in the coming days. Please leave your comments.
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