BTC Plunges Below $22,000, While ETH Nears 10-Day Low – Market Updates Bitcoin News

Bitcoin fell significantly on Friday as it lost over $1,500 within a 24 hour period. The world’s largest cryptocurrency has been declining all week, however today’s drop engulfed previous losses. The token also fell below $1700, the lowest level in nearly ten days.


Bitcoin (BTC), fell lower Friday for the seventh straight session, after it broke from a crucial price floor earlier in day.

BTC/USD plunged to $21,718.54 intraday, a drop that saw it fall below the $22,600 support level.

This move saw the world’s largest cryptocurrency hit its lowest point since July 27, and near a new floor of $21,150 in the process.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low
BTC/USD – Daily Chart

You can see in the chart that the decrease coincided as the relative strength (RSI) 14-day index fell below its floor of 46.

Currently the index is at 37.87. This is not only oversold, but also the lowest point that the RSI reached in more than a month.

Although already selling above their limit, bears appear to be trying again to capture a floor below 34.95. If this happens, BTC could drop below $21,000


In addition to BTC, ethereum (ETH) also fell considerably lower in today’s session, as prices dropped below $1,700.

ETH/USD dropped to a bottom of $1,695.15 earlier in today’s session, as a red wave swept through cryptocurrency markets.

This is the lowest level ETH have traded at since August 10, which was when they hit a ceiling of $1,705.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low
ETH/USD – Daily Chart

Today’s move has seen the token move marginally below this support level, whilst the RSI also dropped below a key floor.

At the time of writing, relative strength for ethereum was at 47. This is similar to bitcoin’s weakest point since mid July.

If the downtrend continues, it is possible that ETH bears might look to bring prices below $1,600.

Register here and get price analysis alerts sent directly to your inbox every week.

Is there a reason for the recent sell-off? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and as an expert on Crypto, Stocks, and FX.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine