BTCfell below $20,000 on Tuesday as financial market volatility continued to peak due to current inflation levels. The Euro has fallen to its lowest level in over 20 years against the US dollar and this dollar strength appears to be affecting crypto prices. ETHalso fell, falling below $1,100.
Bitcoin fell below $20,000 during Tuesday’s trading session as the market reacted to recent bearish pressure.
The world’s largest crypto token fell to a low of $19,613.95 earlier today, which is about $1,000 lower than yesterday’s peak of $20,664.82.
This latest decline has seenBTC/USD trade lower for the fourth consecutive session as traders appear to be targeting important price bottoms.
Looking at the chart, this support level appears to be at the $18,845 level, but relative strength remains down, it could be hit.
With today’s price decline, the RSI has dropped below its own lower limit of 37.40 and appears to be heading toward a lower limit of 31.
If this comes to fruition, we could seeas well asBTC trading near $18,000 as well as below this point.
ETHalso extended its recent losing streak, with today’s price at its lowest in over a week.
At the time of writing, forETH/USD fell to a low of $1,056.05 on Tuesday, the weakest level since July 4, during the U.S. Independence Day celebrations.
With this latest drop, Ethereum has lost over $100 in value in the past 24 hours, in the process bringing prices closer to long-term support levels.
As seen in the chart, a floor of $1050 has been in place for the past month, preventing prices from falling below $1000 It is one of the last remaining defenses to prevent the price from falling below $1,000.
Like Bitcoin, we have now seen the RSI on theETHchart, and the RSI on thechart has broken below a support point, which could signal downside pressure ahead.
Price strength is now at a new floor of 35.85, which is already oversold. However, if this floor were to collapse, prices could fall further.
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