BTC Falls As Global Economic Slowdown Increases – Market Updates Bitcoin News

BTC Falls As Global Economic Slowdown Increases – Market Updates Bitcoin News
BTC Falls As Global Economic Slowdown Increases – Market Updates Bitcoin News

Bitcoin was back in the red during Friday’s session, as the token again traded below $19,000. The latest decline comes as the global economic slowdown has become more apparent. This week both the Bank of England and the United States Federal Reserve have moved to raise interest rates, and the Bank of Japan has also intervened in the currency market. Ethereum was also lower on Friday, falling below $1,300.

Bitcoin

Bitcoin (BTC) fell back below $19,000 on Friday as financial markets continued their sell-off, while the global economy continued to slow down.

BTC/USD moved closer to a three-month low on Friday, as the token fell to an intraday low of $18,859.75.

This comes as both the S&P 500 and gold also fell to recent lows in the past 24 hours, following a rate hike by the US Federal Reserve.

Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Increases
BTC/USD – Daily Chart

Looking at this chart, today’s decline comes as prices fell below a key price floor of $19,300, with the 14-day relative strength index (RSI) also falling below a resistance point.

At the time of writing, the index is trailing at 41.38, which is marginally below a notable ceiling at the 42.00 mark.

Bears now look set to move from this ceiling to a floor of 37.50, and should this happen, BTC is likely to trade below $18,000.

Ethereum

Like bitcoin, today’s red wave also collided with ethereum (ETH), which saw its price once again fall below $1,300.

The world’s second largest cryptocurrency fell to an intraday low of $1,258.71 during today’s session.

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This move has seen ETH/USD move closer to a floor of $1,215, which was hit earlier this week for the first time since July.

Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Increases
ETH/USD – Daily Chart

As seen in the chart, the 10-day (red) moving average has fully crossed with its 25-day (blue) counterpart, which is a sign that further declines may be coming.

Currently, the RSI is tracking at 37.58, which is in oversold territory, and could be positive for investors hoping for a sell-off.

Overall, ETH has fallen by almost 12% over the past seven days.

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Could Ethereum fall below $1000 this month? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, a former brokerage director and retail educator. Currently, he serves as a commentator across various asset classes including Crypto, Stocks and FX.




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