Bitcoin, Ethereum Technical Analysis: BTC Falls Below $22,000 to Start the Week
Bitcoin fell below $22,000 to start the new trading week, as sentiment in crypto markets seems to have turned bearish. The world’s largest token saw recent price declines extended on Monday, with ethereum also experiencing similar downwards momentum. The global market cap is down over 3% as of writing.
Bitcoin (BTC) prices were once again in the red during today’s session, as prices fell below $22,000 to start the week.
The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, which is over $1,100 lower than Sunday’s peak.
Yesterday saw BTC/USD trade at a high of $22,974.00, however as market turbulence heightened, prices of the token have slipped as a result.
Today’s move has seen bitcoin fall towards its recent support point of $21,000, however bulls have so far resisted attempts by bears to force a breakout.
Following today’s lows, BTC has somewhat rebounded, and as of writing is trading marginally below $22,000 at $21,989.16.
The relative strength index (RSI) has also fallen, with the indicator now tracking at 50, which has previously been a level of support.
In addition to bitcoin, ethereum (ETH) was also in the red, as prices fell towards what looks to be a new support point at $1,500.
ETH/USD slipped to an intraday low of $1,506.66 to start the week, as prices continue to consolidate for the seventh consecutive session.
This week-long consolidation has been taking place between a floor of $1,500, and a recent price ceiling of $1,650.
Looking at the chart, this sideways trend began following a failed breakout of the 69 resistance level on the 14-day RSI.
The index is now tracking at 59, as it heads towards another point of uncertainty, which is at 57. Should relative strength fall below this point, we may see further declines.
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Could we see further declines in ethereum this week? Leave your thoughts in the comments below.
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