Bitcoin started the week trading below $19,000 as recent economic pressures continued to weigh on cryptocurrency markets. The token edged lower in today’s session as market sentiment remained bearish following last week’s interest rate hikes by the US Federal Reserve. Ethereum was also lower, falling below $1,300.
Bitcoin (BTC) fell below $19,000 to start the week as market sentiment remained bearish following last week’s interest rate hike by the US Federal Reserve.
After a weekend of consolidation, BTC/USD fell to a low of $18,696.47 on Monday, less than 24 hours after trading at a high of $19,274.87.
Today’s drop pushes bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday, following the United States FOMC meeting.
At the time of writing, BTC has moved marginally away from the aforementioned low, and is currently trading at $18,942.88
It looks like bears will recapture this floor, and should that happen, we’ll likely see the world’s largest cryptocurrency trade at a three-month low.
In order for sentiment to shift, bulls will likely need to move past a ceiling of 44.00 on the 14-day relative strength index (RSI).
Ethereum (ETH) traded lower on Monday as the token continues to remain below the $1,300 level.
After hitting a high of $1,330.44 on Sunday, ETH/USD fell to an intraday low of $1,275.63 earlier today.
This move comes as the RSI failed to break out of a key ceiling of 39.00, leading to an increase in bearish pressure.
The 10-day (red) moving average is also still moving lower against its 25-day (blue) counterpart, which is another sign of bearish intent.
It appears that bears may target the floor of $1,215, and should they manage to reach this point, they may begin to slowly exit their positions.
At the time of writing, ETH is trading at $1,314.92 as bulls try to fight the selloff.
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