BTC Moves Below $23,000 as Market Volatility Increases – Market Updates
Bitcoin fell to a two-week low on Feb. 9, with prices dipping below $23,000 after a brief rebound on Wednesday. cryptocurrencies fell across the board as uncertainty about the state of the global economy weighed on investor confidence. Ethereum also slid after moving towards $1,700 during yesterday’s session.
Bitcoin (BTC) slipped to a two-week low on Thursday, with prices falling below $23,000 in the process.
After hitting a high of $23,191.32 on the hump day, BTC/USD plunged to an intraday low of $22,458.26 in today’s session.
The drop sent Bitcoin to its lowest level since Jan. 26 and came as prices broke a key support point at $22,500.
As can be seen from the chart, the sell-off came as the 14-day relative strengthindex (RSI) fell to a monthly low after falling below its own floor.
The index is currently trading at 56.50, which is slightly below its recent support level at 58.00.
Since that bottom, the bulls have turned to buying the pullback, with BTC trading at $22,701.04 at the time of writing.
Ethereum (ETH) also saw a slight rebound as market sentiment shifted in a bearish direction.
ETH/USD has bottomed at $1,615.06 so far on Thursday, less than 24 hours after hitting a high of $1,678.09.
In yesterday’s move, the world’s second-largest cryptocurrency broke above a $1,675 ceiling but failed to sustain that momentum.
Looking at the chart, the bears appear to be aiming for a floor of $1,600 for ETH, but any advances to that point have been rejected so far.
This is because the RSI seems to have found a relatively stable bottom at the 57.00 level, which has given nervous bulls confidence.
At the time of writing, Ethereum has recovered from previous lows and is currently trading at $1,632.90.
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What is behind today’s shift in market dynamics? Leave your thoughts in the comments below.
photo credit: Shutterstock, Pixabay, WikiCommons
Source: Crypto News Deutsch