Bitcoin fell to its lowest level since June on Monday as sentiment in the cryptocurrency market remains bearish. The tokens have fallen in a row following last week’s U.S. inflation report, and the decline comes ahead of the upcoming U.S. Federal Open Market Committee meeting. Ethereum also fell, hitting its own multi-month low.
Bitcoin
Bitcoin (BTC) fell to a four-month low earlier in the week as bearish sentiment remains high in the crypto market.
BTC/USD fell to an intraday low of $18,390.32 earlier in the day, coming after a breakout of the $18,645 floor.
With this drop, bitcoin hit its lowest level since June 18, when this support level was also last broken.
Many believe the decline came ahead of an expected rate hike at the Federal Open Market Committee (FOMC) meeting this week.
The chart shows that Monday’s sell-off was due to the 14-day Relative Strength Index (RSI) falling below its own low at 41.30.
At the time of writing, the token is trading below 38.00 and is currently in oversold territory, which could be a plus for those anticipating an eventual turnaround.
Ethereum
Last week was a historic week for Ethereum (ETH). This is because the long-awaited merge took place and we saw the tokens go “green”.
Since then, however, the price has dropped significantly, with today’s drop bringing the token to a low of $1,287.42.
This occurred less than a week after the world’s second largest cryptocurrency was trading at over $1,700.
As the chart shows, the decline sawETH/USD /USD fall below the $1,000 level prices fell to their lowest level since July 16, when they were rising.
The momentum of the moving averages (MAs) also changed, with the 10-day (red) trend line crossing downward against the 25-day (blue).
Some believe we may still see further slippage as the bears try to take Ethereum below $1000.
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