BTC falls below $ 22,000 to start the week – Market updates Bitcoin news
Bitcoin started the week in red, when on Monday saw prices fall for a second session in a row. Following a recent $ 22,000 run, the world’s largest crypto fell below $ 21,000 earlier today, with ETH below $ 1,200.
Bitcoin
Bitcoin fell below $ 21,000 on Monday as prices continued to slide, following a recent meeting with a major resistance.
Since reaching the resistance level of $ 22,070 on Friday, BTC has fallen in three straight sessions, with today’s decline at a low of $ 20,395.39.
This move saw the token fall from a temporary support point of $ 20,500, which is usually one of the last remaining defenses that prevents the price from falling below $ 20,000.
Should bearish momentum continue, we can not only see the $ 20,000 mark broken, but bears are likely to aim for a $ 18,845 floor.
The price strength seems to be heading in that direction, with the 14-day RSI falling rapidly to its own floor of 37.90.
One thing to note, however, is that the 10-day moving average has now crossed with the 25-day counterpart, so should we see an extension of this cross, a bullish sentiment may return.
Ethereum
Bullish sentiment was nowhere to be seen for ETH, which saw its own gains die down, shortly after peaking at $ 1,187.87 on Sunday.
The world’s second-largest cryptocurrency fell to a floor of $ 1,139.91 on Monday as the price moved to a lower low for the fourth day in a row.
At the time of writing, prices have risen slightly, with ETH / USD now trading at $ 1,147.49, with relative strength tracking at the floor.
Looking at the chart, the 14-day RSI indicator follows close to its long-term support point of 41.10, following a recent failed breakout of a ceiling of 49.40.
Momentum seems to have changed, with bears now controlling sentiment, despite a similar shift in moving averages as bitcoins.
Ahead of this week’s FOMC meeting, it will be interesting to see whether prices consolidate, or rise, ahead of an expected interest rate increase of 75 basis points.
Do you expect a Fed increase to affect cryptocurrencies? Leave your thoughts in the comments below.
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