BTC, ETH Hit Multi-Week Lows as Silvergate Uncertainty Scares Markets – Market Updates
Bitcoin fell to a two-week low on Friday as crypto markets continued to react to the uncertainty surrounding Silvergate. The bank’s solvency has been questioned as Binance, Coinbase and other exchanges have moved to halt transactions. Ethereum was also down, falling below $1,600 in the process.
Bitcoin
Bitcoin (BTC) plunged further into the red on Friday as markets reacted to the fallout surrounding Silvergate.
The crypto bank recently announced that it could not file its annual report with the Security and Exchange Committee while citing its “ability to continue (operations).”
BTC/USD slipped to an intraday low of $22,241.78 earlier in the day, less than 24 hours after trading at a high of $23,540.16.
As a result of the move, Bitcoin has now fallen to its weakest position since Valentine’s Day on February 14th.
Instead of a pool of roses, however, Friday’s red wave has swept through the markets, causing a huge shift in price strength.
At the time of writing this article, the relative-strengthindex (RSI) at 42.91, the lowest level since January 1st.
Ethereum
Alongside Bitcoin, Ethereum (ETH) also fell significantly in today’s session, falling below the $1,600 level.
After hitting a high of $1,652.43 on Thursday, ETH/USD hit a bottom of $1,553.85 earlier in the day.
Today’s decline has the second largest cryptocurrency the world to its weakest level since February 15.
As forecast earlier in the week, a move towards $1,550 was already on the cards as the 10-day moving average (red) was approaching a downside cross with the 25-day moving average (blue).
The RSI also contributed to the sell-off, with the index falling below a recent support point at 49.00.
Currently, ETH price strength stands at 44.51, which is marginally above the next support at 44.00.
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Source: Crypto News Deutsch
