Bitcoin, Ethereum Technical Analysis: BTC Slips to 10-Month Low, Below $33,000 – Market Updates Bitcoin News

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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

Bitcoin slipped to a ten-month low to start the trading week, as a red wave continued to sweep the cryptocurrency market.

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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.

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Ethereum

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.

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Overall, ETH is trading 6.15% lower than yesterday’s high, with crypto markets down by 5.20% as of writing.

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Will we see even more lows this coming week? Leave your thoughts in the comments below.

Eliman Dambell

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Author: Eliman Dambell


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