Bitcoin fell sharply on Friday as the token dropped more than $1,500 in a 24-hour period. The world’s largest cryptocurrency had been falling all week, but today’s drop engulfed earlier losses. Ethereum was also in the red, with the token falling below $1,700 for the first time in almost 10 days.
Bitcoin
Bitcoin (BTC) fell for the seventh straight session on Friday, with the token breaking through a key price low earlier in the day.
On Friday,BTC/USD fell to an intraday low of $21,718.54, taking the token below its recent support point of $22,600.
The move means that the world’s largest cryptocurrency has hit its lowest since July 27, approaching a new floor of $21,150 in the process.
As the chart shows, this decline coincided with the 14-day relative strength index (RSI) moving below its own low at 46.
The index is currently at 37.87, which is not only oversold territory, but also the weakest point the RSI has touched in over a month.
Ethereum
51} plus BTCplus 53} ETH) also fell considerably with prices below $1,700 in today’s session.
ETH/USD fell to a bottom of $1,695.15 early in today’s session as a red wave hit the cryptocurrency market.
This is the lowest levelETHhas traded since August 10, as prices hit a bottom of $1,705.
In today’s action, the token is slightly below this support level while the RSI is also below the important floor.
As of this writing, Ethereum’s relative strength is hovering at 47, which, like Bitcoin, is its weakest point since mid-July.
If this downtrend continues, thebears are likely toETHlook to take the price to the lower limit of $1,600.
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