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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020

  • Ralph Smith
  • 13/06/2022
  • 2 minute read
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Bitcoin fell to its lowest level since December 2020 at the start of the trading week as the crypto market continued its steep decline. ETHalso fell sharply on Monday, with prices dropping more than 16%, falling below $1,200 in the process.

Bitcoin

Bitcoin fell to its lowest level since December 2020 on Monday as the crypto market plunged to start the week.

The market sold off over the weekend following an unexpected rise in U.S. inflation and the price decline carried over into the new trading week.

BTC/USD fell to an intraday low of $23,607.69, its lowest in over 16 months, earlier in today’s session.

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020
BTC/USD – Daily Chart

Overall, prices fell for the seventh consecutive session, falling over 24% in that period.

The most recent decline looks likeBTChas moved above its long-term support point of $25,200, with some expecting prices to fall to $19,000.

At the time of this writing, the 14-day RSI is hovering at 27, but looks like it could be moving toward a floor of 24.50.

Ethereum

There was also bloodshed atETHas prices fell below $1,200 for the first time in over a year on Monday.

The world’s second-largest cryptocurrency plunged to an intraday low of $1,190.04 on Monday, falling more than 15% in the process.

Monday’s drop sent Ethereum’s price to its lowest level since January 2021 and also came after seven consecutive daily declines.

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020
ETH/USD – daily chart
/USD – daily chart

This resulted in prices falling over 35% in the last seven days and the RSI at its lowest in over two years.

However, some bears seem to have their sights set on the $1,100 point.

Overall, this recent sell-off comes on the heels of several days of consolidation that ended following Friday’s release of U.S. inflation data (8.6%).

Image credits: Shutterstock, Pixabay, Wiki Commons

Coins: Bitcoin / Ethereum
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

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