BTC Moves Below $23,000 As Market Volatility Increases – Market Updates Bitcoin News
Bitcoin fell to a two-week low on February 9, with prices falling below the $23,000 mark after a brief rally on Wednesday. Cryptocurrencies moved lower across the board as uncertainty surrounding the state of the global economy weighed on investor confidence. Ethereum also fell, after a move towards $1,700 during yesterday’s session.
Bitcoin
Bitcoin (BTC) fell to a two-week low on Thursday, with prices falling below $23,000 in the process.
After a hump-day high of $23,191.32, BTC/USD plunged to an intraday low of $22,458.26 in today’s session.
The decline sent bitcoin to its lowest level since January 26, and came as prices broke out of a key support point at $22,500.
As can be seen from the chart, the selling came as the 14-day relative strength index (RSI) fell to a one-month low, after moving below a floor of its own.
The index is currently trading at 56.50, which is marginally below the recent support level of 58.00.
Since this bottom, bulls have moved to buy the dip, with BTC now trading at $22,701.04, at the time of writing.
Ethereum
Ethereum (ETH) also saw a slight rebound, with market sentiment shifting in a bearish direction.
ETH/USD has hit a low of $1,615.06 so far on Thursday, which comes less than 24 hours after hitting a high of $1,678.09.
Yesterday’s move saw the world’s second largest cryptocurrency break out of a ceiling of $1,675, but it was unable to sustain this momentum.
Looking at the chart, bears seem to be targeting a floor of $1,600 for ETH, but all advances to this point have so far been rejected.
This comes as the RSI appears to have found a relatively stable floor at the 57.00 mark, giving confidence to jittery bulls.
At the time of writing, ethereum has recovered from previous lows and is currently trading at $1,632.90.
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What is behind today’s change in market momentum? Leave your thoughts in the comments below.
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