BTC, ETH hit multi-week lows as sell-off worsens – Market Updates Bitcoin News
Bitcoin moved below $22,000 in Friday’s session as sentiment in cryptocurrency markets remained bearish. Volatility in the markets has increased in recent days, following comments from US central bank chief Jerome Powell, which hinted at ongoing interest rate increases. Ethereum also fell, falling below $1,600.
Bitcoin
Bitcoin (BTC) extended recent declines on Friday, with prices falling below the $22,000 mark for the first time in weeks.
BTC/USD fell to an intraday low of $21,754.13 earlier today, which comes less than 24 hours after trading at $22,770.22.
As a result of this drop, bitcoin moved to its weakest point since January 20, when the price hit a low of $20,865.
From the chart, the selling took place after a breach of the $22,500 resistance level, which had largely held firm since late January.
In addition to this, the 14-day relative strength index (RSI) also fell, falling to its lowest point in over a month.
After weeks in overbought territory, price strength has begun to wane, which could act as a long-term positive for bulls, whose next target is likely to be $25,000.
Ethereum
In addition to bitcoin, etheruem (ETH) was also in the red in today’s session as it fell below the $1,600 level.
After a high of $1,643.64 on Thursday, ETH/USD fell to a low of $1,536.59 earlier in the day.
As with BTC, this move pushed the world’s second largest cryptocurrency to its lowest point since late January.
Overall, ETH has now fallen for the third day in a row, with the latest drop resulting in prices breaking out of a $1,600 floor.
Traders now seem to be aiming for a lower support point at $1,515, which has not happened so far, thanks to some resistance in price strength.
The RSI has collided with a floor of 46.75, which is the lowest point since January 3rd and has helped calm earlier declines.
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Could Ethereum fall below $1500 this coming weekend? Leave your thoughts in the comments below.
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