Bitcoin fell to a seven-day low to start the week as the recent bullish momentum began to fade in the cryptocurrency markets. The stronger-than-expected US Nonfarm Payrolls report on Friday has called into question the Federal Reserve’s view that inflation has peaked. Ethereum also declined on Monday, however it remained above $1,600.
Bitcoin
bitcoin (BTC) began the week falling to a seven-day low as market sentiment began to turn lower.
BTC/USD has now fallen lower for five sessions in a row, with today’s decline taking prices to a low of $22,734.48.
This drop sees Bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500.
Looking at the chart, the world’s largest cryptocurrency appears to be heading towards this support point once again.
recent drops in BTC they arrived as the 14-day RSI broke a bottom at 68.00. It is now tracking at 61.15.
This is the lowest reading for the index in almost a month and comes after a prolonged run in overbought territory.
Ethereal
ethereal (ETH) moved lower on Monday as well, however prices were able to hold above the $1,600 level despite the drop.
After a high of $1,665.26 on Sunday, ETH/USD fell as much as 2% in today’s session, hitting a low of $1,616.30 in the process.
As a result of this selloff, Ethereum approached its recent support level at $1,600. However, the bulls have so far ruled out a collision.
This has been helped by the RSI, which has found its own bottom at 58.00, providing a soft landing for previous bulls.
ETH it has since recovered from previous losses and is trading at $1,630.55 at the time of writing.
If this 68.00 RSI floor holds, Ethereum bulls may try to make another move towards $1,700 as the week progresses.
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