BTC Falls Below $22,000 To Start The Week – Market Updates Bitcoin News
Bitcoin fell below $22,000 to start the new trading week, as sentiment in the crypto markets appears to have turned bearish. The world’s largest token saw recent price declines extended on Monday, with ethereum also experiencing similar downward momentum. The global market value is down over 3% at the time of writing.
Bitcoin
Bitcoin (BTC) prices were again in the red during today’s session, as prices fell below $22,000 to start the week.
The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, which is over $1,100 lower than Sunday’s peak.
Yesterday, BTC/USD traded to a high of $22,974.00, but as market turbulence increased, prices of the token have fallen as a result.
Today’s move has seen bitcoin fall towards its recent support point of $21,000, but bulls have so far resisted attempts by bears to force a breakout.
After today’s low, BTC has recovered somewhat, and at the time of writing is trading marginally below $22,000 at $21,989.16.
The relative strength index (RSI) has also fallen, and the indicator is now following 50, which has previously been a support level.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the red as prices fell towards what appears to be a new support point at $1,500.
ETH/USD fell to an intraday low of $1,506.66 to start the week, as prices continue to consolidate for the seventh straight session.
This week-long consolidation has taken place between a floor of $1,500 and a recent price ceiling of $1,650.
Looking at the chart, this sideways trend started after a failed breakout of the 69 resistance level on the 14-day RSI.
The index now follows at 59 as it moves towards another point of uncertainty, which is at 57. Should relative strength fall below this point, we could see further decline.
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Could we see further declines in Ethereum this week? Leave your thoughts in the comments below.
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