As markets prepare for Tuesday’s U.S. midterm election, Bitcoin dropped below $20,000 As some Democratic investors anticipate that American voters favor such a political wave, a red tide swept cryptocurrencies today. Ethereum fell below $1500 for the second time in two week.
On Tuesday, Bitcoin prices (BTC) fell for the third time in a row as traders prepared to vote for U.S. midterm election candidates.
After a peak of $20,882.38 at the beginning of this week, Bitcoin/USD fell to $19,448.53 today.
The bitcoin price dropped to $19,200 on October 25, the day the token traded around that level.
Looking at the chart, today’s decline in BTC came as prices fell below a key price floor of $20,080.
The 14-day relative weakness index (RSI), has also fallen below a support at 52.60 and currently tracks at 44.81.
BTC has slightly rebounded from its previous lows. However, bulls are still refusing to accept a price move of less than $19,000. As of this writing, the token trades at $19727.23.
Ethereum (ETH) also sank ahead of today’s vote, which many expect to be a clean sweep for Republican candidates.
The world’s second largest cryptocurrency fell to a bottom of $1,443.03, less than 24 hours after trading at a peak of $1,604.48.
Like with BTC, today’s move saw the token drop for a third consecutive day, hitting its lowest point in two weeks in the process.
The chart shows that ETH bears tried to reclaim a $1,425, but prices have rebounded since then.
However, the RSI reached a floor and is currently tracking at 50.00.
If this floor is broken, traders could attempt to get the token toward the $1,425 mark.
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What do you think a Republican victory will mean for crypto prices to fall? Please leave your comments.
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