BTC fell to its lowest level since last July, as prices dropped below $33,000 to start the week. The selloff in cryptocurrency started last week, following the Fed’s decision to hike interest rates by 0.5%. In addition to bitcoin, ETH hit a two-month low as a result of the red wave.
Bitcoin slipped to a ten-month low to start the trading week, as a red wave continued to sweep the cryptocurrency market.
Following five consecutive days of declines, BTC/USD dropped to an intraday low of $32,813.31 on Monday.
Today’s bottom is the lowest level prices have traded since July 23 last year, when prices went on to drop below $30,000.
BTC/USD – Daily Chart
Weakness in cryptocurrency markets has been present since the beginning of April, however following last Wednesday’s rate decision, a new chapter of the downturn seems to have commenced.
As a result of the last fall in price, the 14-day RSI is now tracking at a low of 29.50, which is its weakest point since January 26.
Should we see this level be broken, which has acted as a level of support in the past, then we could see relative strength fall to as low as 19, as on January 22.
ETH slipped to its lowest level since late February during today’s session, which came following a five-day losing streak.
Today’s declines saw the world’s second-largest cryptocurrency drop to a bottom of $2,374.30, which is its lowest point since February 28.
The move saw ETH/USD near a floor of $2,350, however, it appears as though bears have liquidated earlier gains, with prices now trading at $2,396.98.
ETH/USD – Daily Chart
As of writing, the 14-day Relative Strength Index is also tracking at a six-week low of 30.70, which is deep in oversold territory.
Although we have seen rebounds at this level, some still believe that there could be more declines ahead, with the $2,175 level a target area for bears.
Overall, ETH is trading 6.15% lower than yesterday’s high, with crypto markets down by 5.20% as of writing.
Will we see even more lows this coming week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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