Bitcoin was below $22,000 in the first trading day of this week as bearish sentiment prevailed on crypto markets. The world’s largest token saw recent price declines extended on Monday, with ethereum also experiencing similar downwards momentum. Global market cap has fallen by more than 3% at the time of writing.
Bitcoin
Bitcoin (BTC) prices were once again in the red during today’s session, as prices fell below $22,000 to start the week.
The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, which is over $1,100 lower than Sunday’s peak.
BTC/USD was trading at $22,974.00 yesterday. However, as market turmoil increased, the prices have fallen.
Today’s move has seen bitcoin fall towards its recent support point of $21,000, however bulls have so far resisted attempts by bears to force a breakout.
Following today’s lows, BTC has somewhat rebounded, and as of writing is trading marginally below $22,000 at $21,989.16.
Relative strength index (RSI), has fallen as well. It now tracks at 50 which was previously a support level.
Ethereum
Ethereum (ETH) also fell, with prices falling towards what appears to be an important support point of $1,500.
The intraday low for ETH/USD was $1,506.66. Prices continue to consolidate in the 7th consecutive session.
This consolidation has been ongoing for a week between $1,500 as the floor and $1,650 at the recent ceiling.
This chart clearly shows that the sideways trend was initiated by a failure at breaking the 69 resistance line on the 14-day RSI.
As it moves towards a point of uncertainty at 57, the index currently tracks at 59. If relative strength falls below this point we could see more declines.
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Were there any further drops in ethereum? Please leave your comments.
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