Bitcoin started the week trading below $19,000 as recent economic pressures continued to weigh on cryptocurrency markets. The token fell during today’s session as market sentiment remained bearish following last week’s rate hikes by the US Federal Reserve. Ethereum was also lower, falling below $1,300.
Bitcoin
Bitcoin (BTC) slipped 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 hitting a high of $19,274.87.
Today’s decline brings bitcoin closer to its long-term support level of $18,300, which was last reached on Wednesday, following the FOMC meeting in the US.
At the time of writing, BTC has moved slightly away from the aforementioned low and is currently trading at $18,942.88.
The bears look set to retake that low, and if that happens, we’ll likely see the world’s biggest cryptocurrency trade at a three-month low.
For sentiment to change, the bulls will likely need to breach a ceiling of 44.00 on the 14-day Relative Strength Index (RSI).
Ethereum
Ethereum (ETH) was trading lower on Monday as the token continued to linger below the $1,300 level.
After hitting a high of $1,330.44 on Sunday, ETH/USD slipped to an intraday low of $1,275.63 earlier in the day.
The move comes as the RSI failed to break out from a key high of 39.00, leading to increased downside pressure.
The 10-day moving average (red) also continues to decline against its 25-day counterpart (blue), which is another sign of bearish intent.
It looks like the bears might be aiming for the floor of $1,215, and if they manage to reach that point, they might start to slowly exit their positions.
At the time of this writing, ETH is trading at $1,314.92 as bulls attempt to fight off the selloff.
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