Bitcoin continued to trade lower on March 9 as prices fell to a new multi-week low in today’s session. The decline came as crypto bank Silvergate confirmed that it will shut down its operations. Ethereum also went down.
Bitcoin
bitcoin (BTC) fell for the fourth session in a row on Thursday, as markets reacted to the news that Silvergate Bank will wind down its operations.
After a high of $22,198.90 on Wednesday, BTC/USD fell to an intraday low of $21,609.99 today.
The drop in price pushed bitcoin to its lowest point since February 13, when it traded as low as $21,366.
Looking at the chart, this latest selloff coincided with the drop in the 14-day RSI to its lowest point since November 28.
At time of writing, the index is sitting at 36.86, which is marginally below its support point at 37.00.
Despite this, BTC it remains above its own floor at $21,600, and if this zone holds steady, there is a chance prices could rally heading into the weekend.
Ethereal
ethereal (ETH) was also held in the red in today’s session, recording a third consecutive decline in price.
ETH/USD moved to a low of $1,530.43 earlier in the day, which comes less than 24 hours after hitting a high of $1,563.41.
Like Bitcoin, this drop resulted in the world’s second-largest cryptocurrency falling to its weakest level since mid-February.
Overall, ethereum is down nearly 7% over the past seven days, and this comes as the 10-day moving average (red) extended a cross of its 25-day counterpart (blue).
At time of writing, the RSI is also at a multi-month low at 40.57, which was last reached on December 19.
If this trend continues, there is a strong possibility that ETH it could fall to a bottom at $1,500.
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