BTC drops below $22,000 to start the week – Market Update Bitcoin News


Bitcoin dropped below $22,000 to start a new trading week, as sentiment in the cryptocurrency markets appears to have turned bearish. The world’s largest token saw the recent price pullbacks that extended on Monday, with Ethereum also seeing similar bearish momentum. The global market capitalization is down over 3% at the time of writing.

Bitcoin

Bitcoin (BTC) Prices were in the red again during today’s session, as prices fell below $22,000 at the start of the week.

The world’s largest cryptocurrency fell to an intraday low of $2,804.35 in today’s session, which is more than $1,100 less than its peak on Sunday.

witnessed yesterday BTC/ The US dollar traded as high as $22,974.00, but with the market turmoil rising, the token prices fell as a result.

BTC/ USD – daily chart

Today’s move has seen bitcoin slide towards its final support point at $21,000, yet the bulls have so far resisted the bears’ attempts to force a breakout.

After today’s lows, BTC It bounced back somewhat, and as of this writing it is trading marginally below $22,000 at $21,989.16.

The Relative Strength Index (RSI) is also down, with the index now tracking at 50, which was previously a support level.

Ethereum

In addition to Bitcoin, Ethereum (ETH) was also in the red, as prices fell towards what appears to be a new support point at $1,500.

ETHThe US dollar fell to an intraday low of $1,506.66 to start the week, as prices continue to consolidate for the seventh consecutive session.

This week-long consolidation took place between the $1,500 low and the recent $1,650 price ceiling.

ETH/ USD – daily chart

Looking at the chart, this sideways trend started after the failed breakout of the resistance level 69 on the 14-day RSI.

The index is now tracking at 59, as it heads towards another point of uncertainty, which is 57. If the relative strength drops below this point, we could see further declines.

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Could we see more declines in Ethereum this week? Put your thoughts in the comments below.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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