BTC Falls Below $28,000 As Losses Mount – Market Updates Bitcoin News
Bitcoin’s slide continued on Friday, as prices fell for a third session in a row, leading to a move below $28,000. Market sentiment has changed in recent days, as traders began to take profits from last week’s high. Ethereum was also lower, now trading around the $1,900 region.
Bitcoin
Bitcoin (BTC) fell for a third session in a row on Friday, as prices fell below the $28,000 mark.
After a high of $28,906.25 on Thursday, BTC/USD fell to an intraday low of $27,855.96 earlier in the day.
As a result of this move, bitcoin fell to its weakest point since April 9, which is the last time the price reached a floor of $27,800.
Since approaching this point, BTC bulls have re-entered the market, pushing the price back above $28,000.
One of the catalysts for today’s decline came when the 14-day relative strength index (RSI) fell to a separate floor of 46.00.
The index has risen marginally from this lowest level, and currently stands at 46.35.
Ethereum
In addition to BTC, ethereum (ETH) also edged lower, with its price nearing a breakout below the $1,900 mark.
Two days after hitting a high of $2,105, ETH/USD fell to a low of $1,904.42 earlier in today’s session.
This decline has resulted in the world’s second largest cryptocurrency now trading at its lowest level in eight days.
Overall, Ethereum is trading nearly 10% lower than at the same time last week, when it rose above $2,000 for the first time since May of last year.
The RSI has also fallen significantly, with the index breaking out of a floor at the 53.00 level, and it is now at 49.46.
Should momentum continue to fall, the bears will likely aim for a support point at 44.50.
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Is this recent decline a result of profit taking? Leave your thoughts in the comments below.
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