Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $28,000 as Losses Intensify

Bitcoin’s downturn continued on Friday, as prices fell for a third consecutive session, leading to a move below $28,000. Market sentiment has shifted in recent days, as traders began taking profits from last week’s high. Ethereum was also lower, and is now trading around the $1,900 region.

Bitcoin

Bitcoin (BTC) moved lower for a third consecutive session on Friday, as prices slipped below the $28,000 mark.

Following a high of $28,906.25 on Thursday, BTC/USD dropped to an intraday low of $27,855.96 earlier in the day.

As a result of this move, bitcoin fell to its weakest point since April 9, which is the last time price hit a floor of $27,800.

Bitcoin chart by TradingView

Since nearing this point, BTC bulls have reentered the market, and have pushed price back above $28,000.

One of the catalysts for today’s drop came as the 14-day relative strength index (RSI) fell to a floor of its own at 46.00.

The index has marginally risen from this low, and is tracking at 46.35 at the time of writing.

Ethereum

In addition to BTC, ethereum (ETH) also edged lower, with price nearing a breakout below the $1,900 mark.

Two days after hitting a peak at $2,105, ETH/USD dropped to a low of $1,904.42 earlier in today’s session.

This decline has resulted in the world’s second largest cryptocurrency now trading at its lowest level in eight-days.

Ethereum chart by TradingView

Overall, ethereum is trading nearly 10% lower than at the same time last week, when it rose above $2,000 for the first time since last May.

The RSI has also significantly dropped, with the index breaking out of a floor at the 53.00 level, and it is now at a reading of 49.46.

Should momentum continue to fall, bears will likely be targeting a point of support at 44.50.

Register your email here to get weekly price analysis updates sent to your inbox:

Is this recent downturn a result of profit taking? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/0GIszUg
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more