Bitcoin started the week in the red on Monday as prices fell for the second consecutive session. Following its recent rise to $22,000, the world’s largest crypto fell below $21,000 earlier today, withETHfalling below $1,200, ETH
Bitcoin fell below $21,000 on Monday. This was as prices continued to fall after encountering a recent key resistance point.
Since hitting the $22,070 resistance line on Friday,BTChas fallen for three consecutive sessions, hitting a low of $20,395.39 today.
The move means the token has fallen from an intermediate support point of $20,500, usually one of the last remaining defenses to prevent prices from falling below $20,000.
The chart shows that the 14-day RSI indicator, following a recent failed breakout of the 49.40 ceiling, long-term support at 41.10 point area is tracking near.
Despite a moving average crossover similar to Bitcoin, momentum seems to be shifting and bears now dominate sentiment.
It will be interesting to see if prices consolidate or rise ahead of this week’s FOMC meeting and the expected 75 basis point rate hike.
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