Bitcoin started the week trading below $30,000 as the US dollar strengthened during the session on Monday. USD/JPY rose to a one-month high, and the dollar also gained against the euro and sterling. Ethereum was also lower, dipping below $2,100.
Bitcoin
bitcoin (BTC) fell below the $30,000 mark on Monday, as a strong US dollar weakened cryptocurrency markets.
BTC/USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54.
Monday’s price drop comes two days after Bitcoin rose above $31,000 for the first time since June 7.
Ultimately, this recent bull run pushed BTC in overbought territory, with the relative strength index (RSI) reaching a top of 71.00.
At the time of writing, the index is at 63.45, with a bottom at the 59.00 mark potentially approaching.
If the price strength continues to move towards this level, there is a good chance that BTC it will move down one floor to $29,600.
Ethereal
ethereal (ETH) mostly consolidated to start the week as the price moved below the $2,100 mark on Monday.
After a high of $2,137.45 on Sunday, ETH/USD fell to a bottom of $2,076.18 earlier in today’s session.
Monday’s decline sees the world’s second-largest cryptocurrency fall from a recent 11-month high.
Similar to bitcoin, this drop coincided with the 14-day RSI failing to break a top, and in this case it was at the 75.00 mark.
Despite this, ETH remains near the $2100 mark, helped by the fact that the index is still above its floor at 69.00
If this support point were to be broken, then the bears would probably re-enter the market.
Sign up your email here to receive weekly price analysis updates in your inbox:
Could Ethereum Drop Below $2,000 This Week? Leave your thoughts in the comments below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
