Bitcoin was in the red during Friday’s session as the token traded below $19,000 again. The recent decline comes as a slowdown in the global economy becomes more apparent. This week, both the Bank of England and the U.S. Federal Reserve moved to raise interest rates, and the Bank of Japan also intervened in the currency markets. Ethereum was down again on Friday, falling below $1,300.
Bitcoin
Bitcoin (BTC) fell below $19,000 on Friday as financial markets continued to sell off as the global economy continued to slow.
BTC/USD was nearing a three-month low on Friday as the token fell to an intraday low of $18,859.75.
This was as both the S&P500 and gold fell to recent levels.
This chart shows that today’s decline was caused by price falling below the important price low of $19300 and the 14-day Relative Strength Index (RSI) also falling below resistance point, as the price has fallen below the $19,300 level.
As of this writing, the index is hovering at 41.38, just below the notable ceiling at the 42.00 mark.
Bears now look to move from this ceiling to a floor of 37.50, and if this occursBTCwill likely trade below $18,000.
Ethereum
Like Bitcoin, today’s red wave also hit Ethereum (ETH) with its price again falling below $1,300.
The world’s second largest cryptocurrency fell to an intraday low of $1258.71 during today’s session.
The move brought theETH/USD closer to the $1,215 floor it hit earlier this week for the first time since July.
As the chart shows, the 10-day moving average (red) has fully crossed the 25-day moving average (blue), suggesting the possibility of further decline.
The RSI is currently in oversold territory at 37.58, which could be a positive for investors looking for a slowdown in selling.
Overall,ETHhas fallen about 12% over the past seven days.
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