BTC and ETH Enter Trading in August at Below $24,000 and $1,700 Respectively – Market Updates Bitcoin News


Bitcoin traded slightly lower at the start of the week, as the coin’s price fell for the fourth consecutive session. The world’s largest cryptocurrency has suffered from increased market volatility, after last Saturday’s rally to a six-week high above $24,000. Ethereum was also in the red on Monday.

Bitcoin

Bitcoin (BTC) is in the red to start the week, as markets fell for the fourth consecutive session on Monday.

After last Saturday’s peak at $24678, which saw BTCThe US dollar has reached its highest level since June 13, and the coin has fallen in successive sessions.

This latest drop saw Bitcoin bottom $2,994.61 earlier in the day, consolidating a five-day low in the process.

BTC/ USD – daily chart

It appears that the bearish sentiment has started after the attempted breakout, as the bulls were unable to sustain prices above $24,400.

This comes as price strength hit a ceiling of its own at 62 across the 14-day Relative Strength Index (RSI), which appears to be the main reason behind the recent decline.

The RSI is now tracking at 56, but it appears to be moving towards the 54th floor, and if it does, we could see prices drop near $21,000.

Ethereum

In addition to Bitcoin, Ethereum (ETHIt was also lower for the fourth day in a row, as bearish sentiment continued to engulf the crypto markets.

After a high of $1,745.88 on Sunday, ETHThe USD fell to an intraday low of $1,650.42 earlier in today’s session.

After nearly a week of lower declines, the price now appears to be heading towards a support point at $1,620.

ETH/ USD – daily chart

Like Bitcoin, the 14-day Relative Strength Index in ETH The chart was recently held at a resistance point, which then triggered this latest downtrend.

As of this writing, the RSI is tracking at 62.35, after the recent breakout of the floor at 63.

In the event that the downward pressure continues, it appears that the next floor on the indicator is level 58, which may be a point that traders are aiming for now.

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Where will Ethereum be at the end of August? 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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