Bitcoin moved below $22,000 during the session on Friday, as sentiment in the cryptocurrency markets remained bearish. Volatility in the markets has increased in recent days, following comments by US Fed Chairman Jerome Powell, who hinted at ongoing rate hikes. Ethereum fell as well, dipping below $1,600.
Bitcoin
bitcoin (BTC) extended recent declines on Friday, with prices dipping below the $22,000 mark for the first time in several weeks.
BTC/USD fell to an intraday low of $21,754.13 today, which comes less than 24 hours after trading at $22,770.22.
As a result of this drop, bitcoin moved to its weakest point since January 20, when the price bottomed out at $20,865.
On the chart, the selloff took place after a breakout of the resistance level at $22,500, which had been mostly holding firm since late January.
On top of this, the 14-day Relative Strength Index (RSI) also fell, falling to its lowest point in over a month.
After weeks in overbought territory, the price strength has started to wane, which could act as a long-term positive for the bulls, whose next target will likely be $25,000.
Ethereal
In addition to bitcoin, etheruem (ETH) was also in the red during the session today, as it dipped below the $1,600 level.
After a high of $1,643.64 on Thursday, ETH/USD fell to a bottom of $1,536.59 earlier in the day.
as with BTCthis move brought the world’s second-largest cryptocurrency to its lowest point since late January.
General, ETH it has now fallen for the third day in a row, with the latest drop resulting in prices breaking through a floor at $1,600.
Traders now appear to be targeting a lower support point at $1,515, which has not occurred thus far, thanks to some resistance in price strength.
The RSI has hit a bottom at 46.75, which is its lowest point since January 3 and has helped calm previous declines.
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