Bitcoin fell to a two-week low on Feb. 9, with prices dipping below the $23,000 mark after a brief rally on Wednesday. Cryptocurrencies moved lower across the board as uncertainty surrounding the state of the global economy weighed on investor sentiment. Ethereum fell as well, following a move towards $1,700 during yesterday’s session.
Bitcoin
bitcoin (BTC) fell to a two-week low on Thursday, with prices dipping below $23,000 in the process.
Following a high of $23,191.32 on the day of the hump, BTC/USD fell to an intraday low of $22,458.26 in today’s session.
The drop sent Bitcoin to its lowest level since January 26 and came as prices broke a key support point at $22,500.
As can be seen on the chart, the sell-off occurred as the 14-day RSI fell to a one-month low, after moving below a bottom of its own.
The index is currently at 56.50, which is marginally below its recent support level at the 58.00 mark.
From this bottom, the bulls have moved to buy the dip, with BTC it is now trading at $22,701.04, at the time of writing.
Ethereal
ethereal (ETH) also saw a slight revival, with market sentiment turning in a bearish direction.
ETH/USD has bottomed at $1,615.06 so far on Thursday, less than 24 hours after hitting a high of $1,678.09.
Yesterday’s move saw the world’s second-largest cryptocurrency break through a ceiling of $1,675, however it was unable to sustain this momentum.
Looking at the chart, the bears seem to be aiming for a $1,600 floor for ETHhowever, all advances up to this point have so far been rejected.
This comes as the RSI appears to have found a relatively stable floor at the 57.00 mark, which has given nervous bulls confidence.
At the time of writing, Ethereum has recovered from previous lows and is currently trading at $1,632.90.
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image credits: Shutterstock, Pixabay, Wiki Commons
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