BTC Plunges Below $27,000, Hits 7-Week Low – Market Updates Bitcoin News
Bitcoin fell to a seven-week low on May 12, as prices fell below the $27,000 level in today’s session. Friday’s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% at the time of writing. Ethereum also fell to its weakest point since March.
Bitcoin
Bitcoin (BTC) fell below the $27,000 level in today’s session, pushing prices to a seven-week low.
After a high of $27,589.92 on Thursday, BTC/USD fell to an intraday low of $26,166.87.
As a result of this drop, bitcoin fell to its lowest level since March 17, when the price was below $25,000.
Overall, this latest selloff coincided with the 14-day relative strength index (RSI) breaking out of yesterday’s floor of 43.00.
At the time of writing, the price strength is 35.07, which is the lowest point in over two months.
Should momentum continue in this current trajectory, there is a possibility that BTC could move towards $25,000 this weekend.
Ethereum
In addition to BTC, ethereum (ETH) was also in the red on Friday as bears continued to control market sentiment.
ETH/USD fell to a low of $1,742.40 on Thursday, following an earlier high of $1,835.62 the previous day.
Like bitcoin, today’s price drop saw the world’s second-largest cryptocurrency hit its lowest point since March.
An important catalyst for the move was also a breakout of the RSI, which fell out of a support point at the 44.00 zone.
Currently, the index is at 39.04, which is the weakest level since March 11, when ETH traded below $1,500.
Ultimately, this could be a long-term positive for bulls, who could move to buy the current decline in price.
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What is behind today’s red wave? Leave your thoughts in the comments below.
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