Bitcoin continued to trade lower on March 9 as prices fell to a new multi-week low in today’s session. This drop was due to the crypto bank Silvergate confirming that it is scaling back its operations. Ethereum also traded lower.
Bitcoin (BTC) fell for the fourth consecutive session on Thursday as the market reacted to news that Silvergate Bank would liquidate its operations.
Following Wednesday’s high of $22,198.90,BTC/USD fell to an intraday low of $21,609.99 earlier today.
The price drop brought bitcoin to its lowest level since trading at a bottom of $21,366 on February 13.
Looking at the chart, I see that this sell-off coincides with the 14-day Relative Strength Index (RSI) dropping to its lowest level since November 28.
As of this writing, the index is hovering at 36.86, just below the support point of 37.00.
Despite this,BTCis above its own floor at $21,600, and if this zone holds steady, prices could rebound over the weekend.
Ethereum (ETH) was also in the red in today’s session, posting its third consecutive price decline.
ETH/USD moved to a low of $1,530.43 earlier in the day, less than 24 hours after hitting a high of $1,563.41.
Like Bitcoin, the drop sent the world’s second-largest cryptocurrency to its weakest level since mid-February.
Overall, Ethereum has fallen nearly 7% over the past 7 days, which is attributed to the 10-day moving average (red) extending its crossover of the 25-day moving average (blue).
At the time of writing, the RSI is also at 40.57, its lowest level in several months, last seen on December 19.
At this rate,is likely to fall to a floor of $1,500 ETH.
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