BTC Below $16,000 Amid Increased Market Volatility – Market Updates Bitcoin News
Bitcoin fell below $16,000 on November 21st as markets continued to react to news that the FTX contagion had affected yet another firm. Hong Kong-based crypto-ATM firm Genesis Block suspended operations as it looks to stabilize its liquidity pool. Ethereum was also lower, as prices stayed below $1,200.
Bitcoin
Bitcoin (BTC) fell below $16,000 to start the week, as volatility in cryptocurrency markets continued to rise.
After a high of $16,590.42 on Sunday, BTC/USD fell to an intraday low of $15,943.14 earlier today.
The move pushed the world’s largest cryptocurrency to its lowest point since November 14, when prices fell below a key support point of $16,200.
Looking at the chart, BTC continued to trade below this support point in today’s session, with the 14-day relative strength index (RSI) also hovering near a floor of its own.
The index is currently trading at the 32.79 level, which is marginally below a key support point at 33.00.
Should this decline continue, we will likely see bitcoin bears attempt to take the token towards a lower floor of $15,600.
Ethereum
Like BTC, ethereum (ETH) extended recent declines, stumbling lower for a second straight session on Monday.
ETH/USD fell to a low of $1,110.57 to start the week, which comes less than 24 hours after hitting a high of $1,183.43.
Today’s fall, which saw the token fall by as much as 4%, took ETH to its lowest point since November 10.
Bears appear to be aiming for a floor of $1,100, but traders have so far rejected this suggestion, with the token bouncing, now trading at $1,120.26.
As can be seen on the chart, Monday’s price drop coincided with the RSI breaking out of its own floor of 37.75, and it is now at 34.61.
The momentum of the 10-day (red) moving average has once again changed, with the trend line suggesting that further declines may be on the way.
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Will we see Ethereum fall below $1100 in the coming days? Leave your thoughts in the comments below.
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