Bitcoin fell below $20,000 during Wednesday’s session, as markets reacted to yesterday’s weaker-than-expected consumer confidence report. Economic growth expectations also dropped to their lowest level in nine years. This caused ETH to drop and prices hit a six-day high.
Bitcoin
The world’s largest cryptocurrency fell below $20,000 on hump day, as traders reacted to Tuesday’s consumer confidence report.
According to the Conference Board, its index increased from 103.2 in May to 98.7 by June.
Weakening economic growth forecasts led to traders becoming anxious, leading to many crypto positions being liquidated.
BTC/USD slipped to an intraday low of $19,937.79 earlier in today’s session, which is its weakest point in nearly a week.
Prices have fallen four times in a row, and bears seem to be targeting $18,850 as price support.
Currently tracking at 31.50. However, the 14-day RSI is looking to regain its floor at 30. If this happens, BTC could drop below $19,000
Ethereum
ETH was also lower on Wednesday, as prices of the token fell by nearly 10% earlier in today’s trading session.
This level was broken Wednesday after a volatile session Tuesday where the ETH/USD traded above $1,200.
As of writing, ETH has so far fallen to an intraday low of $1,111.20 on hump day, which is over $100 below yesterday’s peak at $1,229.74.
Ethereum appears to be heading towards a floor, similar to bitcoin. The bears seem to be moving closer and closer to the $1.050 mark.
Today’s sell-off has seen ETH/USD fall below recent support at 35.85, which seems to have been the signal bears were waiting for before reentering the market.
If this trend continues, price strength could fall below 30. This could lead to price weakness that could drop below $1,000.
Are we likely to see the bulls trying to purchase the dip and stop further falls? Comment below to share your views.
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