BTC Nears 10-Day Low, As Bears Regain Market Sentiment – Market Updates Bitcoin News
Bitcoin continued to slide on Thursday, with the coin hovering near its lowest level since late November. Momentum in the cryptocurrency markets has shifted in recent days, with sentiment currently bearish. Ethereum was also lower, with the token falling towards $1,200.
Bitcoin
Bitcoin (BTC) held near one-week lows on Thursday as cryptocurrencies continued to trade in the red.
BTC/USD fell to a low of $16,750.56 earlier in the day, less than 24 hours after trading at a high of $17,061.48.
The move saw the world’s largest cryptocurrency move closer to a recent support point of $16,700.
After failing to break out of a ceiling at the 50.00 level earlier in the week, the 14-day relative strength index (RSI) is now tracking 45.50.
Should price strength continue to decline, the next visible support point appears to be 43.00.
Bears in the market will be hoping that this floor is not just hit, but broken, which could trigger a move below $16,000.
Ethereum
Like bitcoin, ethereum (ETH) also fell lower in today’s session, falling for the second day in a row.
After a high of $1,252.30 on Wednesday, ETH/USD plunged to a low of $1,224.45 earlier in the day.
Today’s price drop pushed ethereum below a recent support point at the $1,230 level, with prices hitting a nine-day low as a result.
Looking at the chart, the 10-day (red) moving average remains high, which some see as a signal that a bullish reversal may still be on the cards.
Despite this, momentum appears bearish, with the RSI tracking at 46.72, which is the lowest point since November 29.
The index now appears to be heading towards a support point at the 45.00 level.
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Will Ethereum end the week below or above $1200? Leave your thoughts in the comments below.
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