Bitcoin, Ethereum Technical Analysis: BTC Falls Below $22,000 to Start the Week
-
Loading... - Sara Juric
- 25 Jul 2022
- 84 Views
- 0 Like
- 0 Comment
Bitcoin fell below Bs. 22,000 to start the new trading week, as sentiment in crypto markets seems to have turned bearish. The world’s largest token saw recent price declines extended on Monday, with ethereum also experiencing similar downwards momentum. The global market cap is down over 3% as of writing.
Bitcoin
Bitcoin (BTC) prices were once again in the red during today’s session, as prices fell below Bs. 22,000 to start the week.
The world’s largest cryptocurrency fell to an intraday low of Bs.21,804.35 in today’s session, which is over Bs. 1,100 lower than Sunday’s peak.
Yesterday saw BTC trade at a high of Bs. 22,974.00, however as market turbulence heightened, prices of the token have slipped as a result.
Today’s move has seen bitcoin fall towards its recent support point of Bs.21,000, however bulls have so far resisted attempts by bears to force a breakout.
Following today’s lows, BTC has somewhat rebounded, and as of writing is trading marginally below Bs.22,000 at Bs.21,989.16.
The relative strength index (RSI) has also fallen, with the indicator now tracking at 50, which has previously been a level of support.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the red, as prices fell towards what looks to be a new support point at Bs.1,500.
ETH/USD slipped to an intraday low of Bs. 1,506.66 to start the week, as prices continue to consolidate for the seventh consecutive session.
This week-long consolidation has been taking place between a floor of Bs.1,500, and a recent price ceiling of Bs.1,650. Read More...
