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.
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.
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%).
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