Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Lows, Sell-Off As Worsens
Bitcoin (BTC) continued its Friday decline as it dropped its price below the $22,000 mark for the first time in weeks.
BTC/USD fell to a low of $21,754.13 earlier today which appeared in less than 24 hours after trading at $22,770.22. As a result of this fall, bitcoin went to its weakest point since January 20 and then its price came back to the low of $20865. If we look at the chart, we can see that it appeared after breaking the $22,500 resistance level which was mostly stable since late January. Additionally, the 14-day Relative Strength Index also declined to its one-month low.
After weeks in the overbought region, the fundamentals strength has started to decline which could act as a long term positive for the bulls and their next target is likely to be $25000. Besides bitcoin, Ethereum ( ETH ) was also in the red in today’s session as it recovered from the low of $1,600. After hitting a high of $1,643.64 on Thursday, ETH/USD had slipped from a level of $1,536.59 earlier in the day. The move, like bitcoin, pushed the world’s second-largest cryptocurrency to its lowest level since late January, and overall Ethereum has now fallen for the third day in a row, and the latest drop has resulted in its price from the lows of $1600. has broken down.
Traders are now targeting a lower point of support at $1,515 which has not happened yet due to some resistance in the price force. The Relative Strength Index has hit a floor at 46.75, which is its lowest point since January 3 and has helped offset earlier losses.
