Bitcoin fell for the eighth consecutive session on Tuesday as the crypto markets continued to tumble. BTCfell to the $20,000 level for the first time since December 2020, whileETHhit $1,000, also a multi-year low.
Bitcoin
BTCfell for the eighth straight day, with Monday’s drop making it the lowest since December 2020.
The world’s largest crypto token fell to an intraday low of $20,950.82 in today’s session, following a low of $23,607.69 yesterday.
This latest decline comes as traders prepare for tomorrow’s FOMC meeting, which some expect the Federal Reserve to raise interest rates.
With US inflation peaking, many believe the Fed will need to make further policy changes to counter rising consumer prices.
On the technical side, the 14-day RSI is at 23.77, the lowest level in over five years.
After the recent price drop, many believe that the bottom is still out of sight, and some are predicting that the price may land near $19,000.
Ethereum
Ethereum fell below $1,100 on Tuesday, exacerbating the price decline of the world’s second largest cryptocurrency.
Following a weekly high of $1,269.76,ETH/USD fell to an intraday low of $1,094.70.
With this drop,ETHlanded at its lowest since January 2021, with prices bottoming out at $748
As a result of this latest price drop,
ETH broke out of support at $1275 and now looks to be supported near $800.
Bulls will likely try to stop this from happening and will be helped by the fact that the 14-day RSI is deeply oversold and not much bearish volume remains.
Relative strength is currently hovering at 21, which is the lowest it has been since March 2020, the first peak of the coronavirus pandemic.
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