Bitcoin’s downward slide continued on Friday, with prices falling for the third consecutive session, leading to a drop below $28,000. Market sentiment has changed in recent days as traders began taking profits from last week’s highs. Ethereum also dropped and is currently trading near $1,900.
Bitcoin (BTC) turned lower for the third session in a row on Friday, with prices falling below the $28,000 mark.
Following Thursday’s high of $28,906.25,BTC/USD fell to an intraday low of $27,855.96 earlier in the day.
As a result, bitcoin hit its lowest since April 9 and the previous low of $27,800.
As we near this point,the BTCbulls re-entered the market, pushing the price back above $28,000.
One of the triggers for today’s decline was the 14-day Relative Strength Index (RSI) bottoming at 46.00.
It has risen slightly from this low and is at 46.35 as of this writing.
Two days after peaking at $2,105,ETH/USD fell to a low of $1,904.42 earlier in the session today.
The drop has left the world’s second-largest cryptocurrency now trading at an eight-day low.
Overall, Ethereum is trading nearly 10% lower than at the same time last week, when it rose above $2,000 for the first time since last May.
The RSI has also dropped significantly, with the index having left the floor at the 53.00 level and now stands at 49.46.
If momentum continues to fall, the bears will likely target the 44.50 support point.
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