BTC Remains Below $24,000 After Falling for Fourth Consecutive Session – Market Updates Bitcoin News

Today, Bitcoin traded below $24,000 as it fell for the fourth straight session. Following last week’s bullish run, upwards momentum in crypto has eased, leading to a return of bearish sentiment. Ethereum also fell below $1,885 resistance.


Bitcoin (BTC), which fell Wednesday for the fourth time in succession, was a sign that bearish sentiment has returned to crypto markets.

The world’s largest crypto token slipped to an intraday low of $23,733.50 on hump day, less than a day after residing at a peak of $24,407.06.

This recent bearish pressure has come as BTC bulls vacated last week’s positions, as prices entered overbought territory.

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session
BTC/USD – Daily Chart

The 14-day relative weakness index (RSI), reached a peak of 62.29 in the last week. This was its highest point since April. Prices continue to show back-to-back drops.

The chart shows that the RSI now tracks at 54.19. This is slightly higher than its closest support at 53.66.

It appears that traders want to transfer BTC to the floor. That is where bulls will be fighting bears.


Hump-day has also seen ethereum (ETH) move lower for a fourth straight day, with today’s decline marginally lower than yesterday’s bottom.

After a Tuesday low of $1862.74, ETH/USD reached a peak of $1951.68 in the second session. Bulls tried to rally.

The red tide swept the markets again, wiping out bulls and prices plummeted to $1,862.74 today.

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session
Chart Daily Chart ETH/USD

As with bitcoin, this decline occurs as the price strength decreased significantly over the past several sessions. It moved from a peak value of 71.89 today to a lowest of 61.92.

If ETH reaches this floor, it will most likely cause an increase in uncertainty in prices as bulls try to buy the dip and prevent prices falling below $1800.

Although ethereum has lost four consecutive days, it is trading more than 10% above the previous week.

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

Do we expect to see the same bearish sentiment throughout this week? Please leave your comments.

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 market commentator for Crypto, Stocks, and FX.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine