Sentiment in the crypto markets appears to have turned bearish, with bitcoin dropping below $22,000 to start the new trading week. The world’s largest token extended its recent price decline on Monday, with Ethereum experiencing similar downward momentum. Global market capitalization is down more than 3% at the time of writing.
Bitcoin
Bitcoin (BTC) prices were in the red again in today’s session, having fallen below $22,000 earlier in the week.
The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, which is more than $1,100 lower than its Sunday peak.
Yesterday sawBTC. 24} BTC/USD traded as high as $22,974.00, but the token’s price fell as a result as market turmoil increased.
In today’s action, bitcoin has fallen toward its recent support point at $21,000, but bulls have so far so far resisted bearish attempts to force a breakout.
After today’s low,BTChas rebounded somewhat and is trading at $21,989.16, just below $22,000 as of this writing.
The Relative Strength Index (RSI) has also declined, with the index now hovering at 50, which was previously a support level.
Ethereum
In addition to Bitcoin, Ethereum (ETH) was also in the red, with prices falling towards a likely new support point of $1500.
ETH/USD fell to an intraday low of $1,506.66 at the end of the week as prices continued their seven-session consolidation.
The week’s consolidation has taken place between a floor of $1,500 and a recent price ceiling of $1,650.
The chart shows that this sideways trend started after a failed breakout of the 14-day RSI resistance line 69.
Currently, the index is tracking at 59, heading toward another source of concern, 57. If the relative strength falls below this point, we could see further declines.
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