BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday – Market Updates – Crypto News
Bitcoin fell to a seven-day low earlier in the week as recent bullish momentum in cryptocurrency markets faded. Friday’s better-than-expected US jobs report has the Federal Reserve’s view that the inflation has reached its peak. Ethereum also declined on Monday but remained above $1,600.
Bitcoin
Bitcoin (BTC) fell to a seven-day low earlier in the week as market sentiment began to shift lower.
BTC/USD is now down for five straight sessions, with today’s drop taking prices to a low of $22,734.48.
This drop is leading Bitcoin to reach its weakest point since Jan. 30, when prices traded at a floor of $22,500.
Looking at the chart, it seems to be the largest cryptocurrency to move the world back towards that point of support.
BTC’s recent declines have come as the 14-Day Relative Strength-index (RSI) broke a bottom at 68.00. It tracks now at 61.15.
This is the index’s lowest reading in almost a month and comes after a prolonged period in the overbought territory.
Ethereum
Ethereum (ETH) also moved lower on Monday, however, prices managed to stay above the $1,600 level despite the decline.
After hitting a high of $1,665.26 on Sunday, ETH/USD is down as much as 2% in today’s session, hitting a low of $1,616.30.
As a result of this sell-off, Ethereum approached its recent support level at $1,600. However, cops have so far denied a collision.
This was supported by the RSI, which found its own bottom at 58.00, allowing for a soft landing for previous bulls.
ETH has since recovered from previous losses and is trading at $1,630.55 at the time of writing.
If this 68.00 RSI floor holds, Ethereum bulls could attempt another move towards $1,700 later in the week.
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What’s behind today’s reversal in cryptocurrency prices? Leave your thoughts in the comments below.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
