BTC Hits 1-Week Low, Bullish Sentiment Disappears On Monday – Market Updates Bitcoin News
Bitcoin fell to a seven-day low to start the week, as recent bullish momentum began to wane in cryptocurrency markets. Friday’s stronger-than-expected U.S. nonfarm payrolls report has some questioning the Federal Reserve’s view that inflation has peaked. Ethereum also fell on Monday, but it remained above $1,600.
Bitcoin
Bitcoin (BTC) started the week falling to a seven-day low as market sentiment began to shift downward.
BTC/USD has now dropped lower for five consecutive sessions, with today’s decline taking prices to a low of $22,734.48.
This decline sees bitcoin hit its weakest point since January 30, when prices traded to a floor of $22,500.
Looking at the chart, it appears that the world’s largest cryptocurrency is heading towards this support point again.
Recent declines in BTC have come as the 14-day relative strength index (RSI) broke out of a floor of 68.00. It is now tracked at 61.15.
This is the lowest reading for the index in nearly a month and comes after an extended streak in overbought territory.
Ethereum
Ethereum (ETH) also declined on Monday, but prices managed to hold above the $1,600 level despite the decline.
After a high of $1,665.26 on Sunday, ETH/USD fell by as much as 2% in today’s session, hitting a low of $1,616.30 in the process.
As a result of this selloff, ethereum moved closer to its recent support level of $1,600. However, Oxer has so far rejected a collision.
This has been helped by the RSI, which has found its own floor at 58.00, providing a soft landing for previous bulls.
ETH has since recovered from earlier losses, and is currently trading at $1,630.55.
Should this RSI floor of 68.00 hold, Ethereum bulls could attempt to make another move towards $1,700 as the week progresses.
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What’s behind today’s reversal in cryptocurrency prices? Leave your thoughts in the comments below.
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