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Bitcoin fell below $20,000 on Saturday and the cryptocurrency market sell-off continued into the weekend. ETHalso traded below key levels as prices fell below $1,000 for the first time in over a year and a half.
Bitcoin
Bitcoin fell below $20,000 on Saturday, expanding bearish momentum into the weekend.
Despite the bulls’ best efforts to hold the line, recent price support at $20,200 finally gave way earlier today.
This resulted inBTC’s/USD fell to an intraday low of $18,905.98 earlier in today’s session, which isthe lowest level BTC has traded since December 2020.
Overall,BTChas fallen about $13,000 since the beginning of this month and has dropped 30% in the last seven days BTC has fallen 30% in the last seven days.
In addition to this, the Relative Strength Index (RSI) is trading at 20.9, the lowest level in over five years.
However, given the current market volatility, the next few weeks could be even more turbulent.
Ethereum
Like Bitcoin,ETHfell below a key point on Saturday, sending prices below $1,000 for the first time since January 2020.
ETH/USD fell to an intraday low of $986.85 to start the weekend, which is almost marginally lower than yesterday’s peak of $1105.23
In this decline, ETH broke out of its recent price bottom at $1,050, which we outlined yesterday as one of the last lines of defense preventing a decline into the $900 area.
In percentage terms, the decline inETHover the past 7 days has had a larger decline than; BTChas had a larger decline; and has had a larger decline than
. This one has lost nearly 40% of its price since last Saturday.
At the time of this writing, Ethereum is down more than 50% since the beginning of June and has been down for almost two consecutive weeks.
The price is now back above $1,000, but it is likely to move below this point more often as the weekend progresses.
Image credits: Shutterstock, Pixabay, Wiki Commons
