Bitcoin traded slightly lower to end the week as the token’s price fell for the fourth consecutive session. The world’s largest cryptocurrency has suffered from increased market volatility following last Saturday’s surge to a six-week high above $24,000. Ethereum was also in the red on Monday.
Bitcoin
Bitcoin (BTC) traded in the red to start the week as the market fell for the fourth consecutive session on Monday.
Following last Saturday’s peak of $24,678, which sawBTC/USD hit its highest level since June 13, the token has fallen for consecutive sessions.
This latest decline saw Bitcoin hit a bottom of $22,994.61 earlier in the day, consolidating a five-day low in the process.
Following the breakout attempt, it appears that bearish sentiment has begun.
This appears to be the main reason for the recent decline, as price strength hit its own ceiling at 62 via the 14-day Relative Strength Index (RSI).
The RSI is currently at 56, but appears to be headed for a floor of 54, and if that happens, we can expect prices to fall near $21,000.
Ethereum
In addition to Bitcoin, Ethereum (ETH) also fell for a fourth straight day as bearish sentiment continues to sweep the crypto markets.
After hitting a high of $1,745.88 on Sunday,ETH/USD fell to an intraday low of $1,650.42 earlier in the session today.
After almost a week of lows, prices now appear to be headed for a support point at $1,620.
Similar to Bitcoin, the 14-day RSI on the chart ofETHrecently held at a resistance point.ETHchart recently held at a resistance point, which triggered this latest bearish downtrend.
As of this writing, the Relative Strength Index is tracking at 62.35 after a recent breakout of the 63 floor.
If bearish pressure persists, the next floor for the index appears to be at the 58 level, which may be the point traders are currently targeting.
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