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BTC fell to its lowest level since last July as prices fell below $33,000 earlier in the week. The cryptocurrency sell-off began last week following the Federal Reserve’s decision to raise interest rates by 0.5%. In addition to bitcoin, ETH hit a two-month low as a result of the red wave.
Bitcoin
Bitcoin hit a ten-month low early in the trading week as the red wave continued to overwhelm the cryptocurrency market.
After five straight days of declines, BTC/USD fell to an intraday low of $32,813.31 on Monday.
Today’s bottom is the lowest level at which prices have traded since last July 23, when prices fell below $30,000.
Weakness in the cryptocurrency markets has been seen since early April, but after last Wednesday’s rate decision, a new chapter of decline seems to have begun.
As a result of the latest drop, the 14-day RSI is now at a low of 29.50, which is the weakest point since January 26.
If this level, which has acted as support in the past, is broken, we could see relative strength fall to 19, as it did on January 22.
Ethereum
ETH fell to its lowest level since late February in today’s session, which followed a five-day losing streak.
The world’s second-largest cryptocurrency fell to $2,374.30 today, its lowest point since February 28.
During this move, ETH/USD near the $2,350 level, but the bears seem to have eliminated previous gains, and prices are now trading at $2,396.98.
At the time of writing, the 14-day Relative Strength Index is also tracking a six-week low of 30.70, which is deep in oversold territory.
Although we have seen a rebound at this level, some still believe there may be more declines ahead, and the $2,175 level is a target for the bears.
Overall, ETH is trading 6.15% below yesterday’s high and cryptocurrency markets are down 5.20% as of this writing.
Image credits: Shutterstock, Pixabay, Wiki Commons
