BTC Below $19,000 as Crypto Sentiment Remains Bearish – Market Updates Bitcoin News
Bitcoin started the week trading below $19,000 as recent economic pressures continued to weigh on cryptocurrency markets. The token fell lower in today’s session as market sentiment remained bearish following last week’s rate hikes by the US Federal Reserve. Ethereum was also lower, falling below $1,300.
Bitcoin
Bitcoin (BTC) fell below $19,000 to start the week as market sentiment remained bearish following last week’s rate hike by the US Federal Reserve.
After a weekend of consolidation, BTC/USD fell to a low of $18,696.47 on Monday, less than 24 hours after trading at a high of $19,274.87.
Today’s decline pushes bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday, after the US FOMC meeting.
At the time of writing, BTC has moved marginally away from the aforementioned low, and is currently trading at $18,942.88
Bears look set to recapture this floor, and should this happen, we will likely see the world’s largest cryptocurrency trading at a three-month low.
For sentiment to shift, bulls will likely need to move past a ceiling of 44.00 on the 14-day relative strength index (RSI).
Ethereum
Ethereum (ETH) traded lower on Monday, as the token continued to stay below the $1,300 level.
After a high of $1,330.44 on Sunday, ETH/USD fell to an intraday low of $1,275.63 earlier today.
This move comes as the RSI failed to break out of a key ceiling at 39.00, leading to an increase in bearish pressure.
The 10-day (red) moving average also continues to move lower relative to its 25-day (blue) counterpart, which is another sign of bearish intent.
It appears that bears may be targeting the floor of $1,215 and if they succeed in reaching this point, they may slowly begin exiting their positions.
At the time of writing, ETH is trading at $1,314.92 as bulls attempt to fight the selloff.
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