Bitcoin fell below $20,000 in Wednesday’s session as the market reacted to yesterday’s lower than expected consumer confidence index. Expectations for economic growth also fell to a nine-year low. As a result,ETHalso fell, with prices hitting a six-day low.
Bitcoin
the world’s largest cryptocurrency fell below $20,000 on Hump Day as traders reacted to Tuesday’s consumer confidence report.
Figures from the Conference Board showed that its index went from 103.2 in May to 98.7 during June.
Traders became anxious on Wednesday as a result of weakened expectations for economic growth, and many liquidated their crypto positions as a result.
BTC/USD hit an intraday low of $19,937.79 earlier in today’s session, the lowest in nearly a week The price fell.
Overall, prices have now fallen for four consecutive sessions and the bears appear to be targeting recent price support at $18,850.
Currently tracking at 31.50, the 14-day RSI looks to retake its own floor at 30, and if this happens, we could seeBTC below $19,000.
Ethereum
ETHwas also lower on Wednesday as the token price fell nearly 10% earlier in today’s trading session.
After a wildly volatile session on Tuesday, whereETH71} /USD managed to hold above $1200, this level was successfully broken on Wednesday.
At the time of writing,.ETHhas so far fallen to a hump day intraday low of $1,111.20, which is over $100 below yesterday’s peak of $1,229.74.
Like Bitcoin, Ethereum is heading for its own floor with bears approaching the $1,050 point It appears to be.
ETH/USD break below recent support at 35.85, which seems to have been the signal the bears were waiting for before re-entering the market.
If this downtrend continues, price strength could drop below 30 andETH
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