Bitcoin, Ethereum Technical Analysis: BTC Falls Below $28,000 as Losses Intensify

Bitcoin

Bitcoin ( BTC) moved lower for a third consecutive session on Friday, as prices slipped below the $28,000 mark.

Following a high of $28,906.25 on Thursday, BTC/USD dropped to an intraday low of $27,855.96 earlier in the day.

As a result of this move, bitcoin fell to its weakest point since April 9, which is the last time price hit a floor of $27,800.

Since nearing this point, BTC bulls have reentered the market, and have pushed price back above $28,000.

One of the catalysts for today’s drop came as the 14-day relative strength index ( RSI) fell to a floor of its own at 46.00.

The index has marginally risen from this low, and is tracking at 46.35 at the time of writing.

Ethereum

In addition to BTC, ethereum ( ETH) also edged lower, with price nearing a breakout below the $1,900 mark.

Two days after hitting a peak at $2,105, ETH/USD dropped to a low of $1,904.42 earlier in today’s session.

This decline has resulted in the world’s second largest cryptocurrency now trading at its lowest level in eight-days.

Overall, ethereum is trading nearly 10% lower than at the same time last week, when it rose above $2,000 for the first time since last May.

The RSI has also significantly dropped, with the index breaking out of a floor at the 53.00 level, and it is now at a reading of 49.46.

Should momentum continue to fall, bears will likely be targeting a point of support at 44.50.

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