Following a weekend of bearish pressure, BTC’s price fell to its lowest level in over a month. ETH’s price also dropped to a new low of $3,000. The cryptocurrency market cap was down almost 4% at the time of writing.
Bitcoin
Bitcoin reached a one month low in the first week of the week as the cryptocurrency market continued its decline following the bearish trend.
Following a peak of $40,570.73 late on Sunday, BTC/USD dropped to a bottom of $38,696.19 during Monday’s session.
Today’s drop saw prices fall to their lowest point since March 15, and this comes as bears were able to break the recent $40,000 support level.
BTC’s price has risen since hitting its earlier low. It currently stands at $39,350. This is because bulls tried to recoup earlier losses.
Looking at the chart, today’s drop pushed the 14-day RSI to its own floor of 38, which is within oversold territory.
Bulls are hoping that the price stability will continue, but if it does, there may be further falls. Some bears might look to purchase Bitcoin closer to $35,000
Ethereum
In addition to BTC, the world’s second-largest crypto was also trading lower, with recent declines during Monday’s session.
ETH/USD fell for a second consecutive day, dropping to an intraday low of $2,893.91 to start this week’s action.
Monday’s drop saw ETH hit its lowest point in just over three weeks, taking price marginally below support of $2,950 in the process.
As with BTC earlier losses are somewhat lessened as bears may have taken some profits while bulls continue to fight for this floor.
However, the price of support is now closer than it was at writing, despite the RSI’s 14-day low below its ceiling.
Price strength currently tracks at 41. This is its lowest level since early March. Bulls may be looking for a reason to invest in this current weakness.
Is ETH likely to fall further as the week goes on, or will it rally and overcome downward pressure? Please leave your comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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