BTC, ETH Start Week Lower as Bearish Sentiment Returns to Markets – Market Updates Bitcoin News
Bitcoin fell to a six-day low to start the week, as the token moved closer to the $16,000 level. The drop brings prices down for a fifth session in a row and the overall sentiment in the cryptocurrency market turns bearish. Ethereum was once again trading below $1,200, after trading above this point for the past few days.
Bitcoin
Bitcoin (BTC) fell for a fifth straight session on Monday, as the token moved closer to a breakout below $16,000.
BTC/USD fell to an intraday low of $16,086.36 to start the week, which comes less than 24 hours after hitting a high of $16,594.41.
As a result of today’s drop, bitcoin moved to its lowest point since last Tuesday, November 22, when the price hit a low of $15,613.
Looking at the chart, Monday’s selling intensified when a breakout of the Relative Strength Index (RSI) occurred.
The index, currently trading at 36.89, moved below a recent support point of 38.00 and looks set to head for a lower floor of 35.50.
Should price strength reach its assumed destination, this will likely cause BTC to fall below $16,000.
Ethereum
In addition to BTC, ethereum (ETH) also moved lower to start the week, with prices once again below $1,200.
After a peak of $1,218.51 on Sunday, the world’s second largest cryptocurrency fell to a low of $1,162.19 earlier today.
The decline pushed ETH/USD below a key support point at $1,180, and came as the RSI failed to break out of a long-term resistance level.
As can be seen from the chart, price strength failed to fully move above a ceiling of 43.00 and is currently trailing 40.62.
In addition to this, the 10-day (red) moving average has changed direction, with momentum once again down.
Overall, a target of $1,070 appeared to be a likely destination for bears, should momentum continue to decline.
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Will ethereum start December above or below $1200? Leave your thoughts in the comments below.
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