Bitcoin dipped below $22,000 in the Friday session as sentiment in the cryptocurrency markets remained bearish. Market volatility has risen in recent days following comments from US Federal Reserve Chairman Jerome Powell, who hinted at continued rate hikes. Ethereum also fell, dropping below $1,600.
bitcoin
Bitcoin (BTC) extended its recent decline on Friday as prices fell below the $22,000 mark for the first time in weeks.
BTC/USD fell to an intraday low of $21,754.13 earlier today, less than 24 hours into trading at $22,770.22.
As a result of this drop, Bitcoin reached its weakest point since January 20, when the price bottomed out at $20,865.
Based on the chart, the sell-off came after the breakout of the $22,500 resistance level, which has mostly held since the end of January.
In addition to this, the 14-day Relative Strength Index (RSI) also fell, falling to its lowest level in a month.
After several weeks of being in overbought territory, price strength has begun to weaken, which could be a long-term positive for the bulls, whose next target is likely to be $25,000.
Ethereum
In addition to Bitcoin, Ethereum (Ethereum) was also in the red in today’s session as it fell below the $1,600 level.
After a high of $1643.64 on Thursday Ethereum/USD bottomed out at $1,536.59 earlier in the day.
As with BTCthe move pushed the world’s second-largest cryptocurrency to its lowest point since the end of January.
General, Ethereum has fallen for the third day in a row, with the latest drop pushing prices past the $1,600 low.
Now, traders seem to be targeting the lower support point at $1,515, which has not happened so far due to some resistance in price strength.
The RSI hit a low of 46.75, which is the lowest point since Jan 3 and helped calm an earlier decline.
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Could Ethereum drop below $1,500 this coming weekend? Leave your thoughts in the comments below.
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Credit : news.bitcoin.com
