Bitcoin started the week trading below $19,000 as recent economic pressures continued to weigh on the cryptocurrency market. Tokens fell in today’s session as market sentiment remained bearish in the wake of last week’s interest rate hike by the U.S. Federal Reserve. Ethereum was also lower, falling below $1,300.
Bitcoin
Bitcoin (BTC) fell below $19,000 earlier in the week as market sentiment remained bearish following the Federal Reserve’s interest rate hike last week.
After consolidating over the weekend,BTC/USD fell to a low of $18,696.47 on Monday, less than 24 hours after trading at a peak of $19,274.87.
Today’s decline brings bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday after the US FOMC meeting.
At the time of writing,BTCis just off the aforementioned low and is currently trading at $18,942.88
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It looks like the Bears are going to take back this floor, and if they do, the world’s largest cryptocurrency will be trading at a three-month low.
For sentiment to change, the bulls will likely need to cross the 44.00 ceiling on the 14-day Relative Strength Index (RSI).
Ethereum
Ethereum (ETH) was trading lower on Monday as the token hovered below the $1,300 level.
After hitting a high of $1,330.44 on Sunday,ETHfell to an intraday low of $1,275.63 earlier today as /USD
This move led to bearish pressure building as the RSI failed to break out of a key ceiling at 39.00.
The 10-day moving average (red) also continues to move lower against the 25-day moving average (blue), another sign of bearish intent.
The bears may be targeting a floor of $1215, and if they succeed in hitting this point, it appears that they may gradually begin to exit their positions.
At the time of writing,ETH is trading at $1314.92 and bulls are trying to counter the sell-off.
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