Cryptocurrency markets were trading lower for a second consecutive session, leaving bitcoin and ethereum both in the red. Overall, the crypto market cap was nearly 2% lower as of writing.
Bitcoin bulls were nowhere to be found on Thursday, as bearish pressure continued to dominate recent market sentiment.
Following a high of $44,309.03 on Wednesday, BTC/USD fell below $43,000 during today’s session, and is down by over 3% as of writing.
The move saw BTC hit an intraday low of $42,685.75, sending prices closer to recent support at $41,765.
This drop in price comes as the Relative Strength Index (RSI) of 14-days fell below its floor of 56, and is currently tracking at 53.10.
In addition to the decline in price strength, the shorter term moving average of 10-days (red), is trending downward for the first time since January 30.
Despite BTC being down 3.33% in the last seven days, history shows us that the closer we get to support, bulls will likely be waiting to buy the dip.
Following a battle to remain over the $3,000 level on Wednesday, ETH struggled to stay above water during today’s session.
ETH/USD fell to an intraday low of $2,987 on Thursday, following a breakout of its long-term support at $3,022.
Although prices have since moved back above $3,000, this was a sign to bears that there could yet be further declines.
Many are looking at the $2,840 floor as the next price target, should the current bearish pressure persist
Looking at the RSI, price strength remains near the floor of 51, despite a marginal breakout, which could be a good sign to bulls anticipating a reversal.
How long will this bearish pressure last? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.