BTC Falls as Global Economic Slowdown Heightens – Market Updates Bitcoin News

Bitcoin was back in the red during Friday’s session, as the token was once again trading below $19,000. This is due to the growing global economic slowdown. Both the Bank of England (UK) and United States Federal Reserve (USA) have increased interest rates this week. The Bank of Japan has also intervened in the currency market. Ethereum fell below $1,300 on Friday.


Bitcoin (BTC), which fell below $19,000 Friday as the financial markets continued selling off, and while global economic slowdown continued,

On Friday, BTC/USD moved closer to a 3-month low as the token fell below $18,859.75 intraday.

This comes as both the S&P 500 and gold also dropped to recent lows in the past 24 hours, following U.S. Fed rate hike.

Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
BTC/USD – Daily Chart

Looking at this chart, today’s decline comes as prices slipped below a key price floor of $19,300, with the 14-day relative strength index (RSI) also dropping below a resistance point.

The index currently tracks at 41.38 as of this writing. This is slightly below the notable 42.00 mark.

Now, bears look poised to shift from this ceiling towards a floor at 37.50. If this occurs, BTC would likely trade below $18,000.


Similar to bitcoin, today’s red wave also collided with ethereum (ETH), which saw its price once again fall below $1,300.

The world’s second largest cryptocurrency dropped to an intraday low of $1,258.71 during today’s session.

This has led to the ETH/USD moving closer towards $1,215 as a floor, which had been reached earlier in this week, for the first-time since July.

Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
ETH/USD – Daily Chart

The chart shows that the 10-day moving average (in red) has crossed its counterpart in 25-day blue. This is an indication of possible further falls.

Currently, the RSI stands at 37.58. That is in the oversold zone and may be a sign that investors are hoping for a slowdown in the sale-off.

Overall, ETH fell by almost 12% over the past seven days.

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What if ethereum falls below $1,000 for the month of March? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and taught retail trading. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

Credits for the imageShutterstock. Pixabay. Wiki Commons

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