Bitcoin fell below $22,000 to start the new trading week as sentiment in the crypto markets appears to have turned bearish. The world’s largest token saw recent price declines extend into Monday, with Ethereum also seeing similar downward momentum. Global market capitalization is down more than 3% at the time of writing.
bitcoin (BTC) prices were back in the red during today’s session as prices fell below $22,000 to start the week.
The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, more than $1,100 off Sunday’s high.
yesterday saw BTC/USD is trading at a high of $22,974.00, but as market turmoil intensified, prices for the token fell accordingly.
Today’s move saw bitcoin fall towards its recent support point of $21,000, but the bulls have so far resisted the bears’ attempts to force a breakout.
Following today’s lows, BTC has rebounded somewhat and at the time of writing is trading slightly below $22,000 at $21,989.16.
The Relative Strength Index (RSI) also fell, with the indicator now sitting at 50, which was previously a support level.
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.
ETH/USD slipped to an intraday low of $1,506.66 to start the week as prices continue to consolidate for the seventh straight session.
This week-long consolidation took place between a low of $1,500 and a recent price high of $1,650.
Looking at the chart, this sideways trend started following a failed break of the 69 resistance level on the 14-day RSI.
The index now tracks at 59, as it heads towards another point of uncertainty, which is at 57. If relative strength falls below this point, we could see further declines.
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Could we see further Ethereum declines this week? Leave your thoughts in the comments below.
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