Bitcoin opened below $30,000 as the US dollar strengthened in Monday’s session. USD/JPY rose to a one-month high, while the greenback also gained against the euro and British pound. Ethereum also fell, falling below $2,100.
Bitcoin (BTC) fell below the $30,000 mark on Monday as a stronger US dollar weakened the cryptocurrency market.
BTC/USD fell to an intraday low of $29,816.72 less than 24 hours after trading as high as $30,555.54.
Monday’s price collapse comes two days after bitcoin rose above $31,000 for the first time since June 7.
After all, this recent bullish statement pushedBTCinto overbought territory, with the Relative Strength Index (RSI) hitting a ceiling of 71.00.
At the time of this writing, the index is hovering at 63.45 and a bottom at 59.00 could be approaching.
If price strength continues toward this level,is likely; BTCwill move below the $29,600 floor.
Ethereum (ETH) mostly consolidated at the end of the week as prices fell below the $2,100 floor on Monday.
Following a high of $2,137.45 onETH/USD fell to a bottom of $2,076.18 earlier in the session today.
Monday’s decline means the world’s second-largest cryptocurrency has fallen from recent 11-month highs.
Like Bitcoin, this decline coincided with the 14-day RSI’s failure to break through the ceiling, in this case the 75.00 mark.
Despite this,the ETHis approaching the $2,100 mark, helped
by the fact that the index is still above the 69.00 floor.
If this support point is broken, the bears are likely to re-enter the market.
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