Ethereum started the week trading below $1,500 as it became known that Paxos would no longer mint BUSD. This has driven the stablecoin down and is ahead of the upcoming US inflation report, adding to today’s volatility as well. Bitcoin declined on Feb. 13 as prices remain at a three-and-a-half-week low.
bitcoin
Bitcoin (BTC) continued to trade near a multi-week low on Monday as market sentiment remained bearish ahead of the upcoming US inflation report.
After a high of $22,060.99 on Sunday BTC/USD fell to an intraday low of $21,539.50 earlier in the week.
As a result of the fall, Bitcoin remains close to its lowest point since January 20, when prices were last below $21,000.
Looking at the chart, today’s move is due to the fact that the 14-day Relative Strength Index (RSI) remains close to the support point at 44.00.
At the time of writing, the index is currently tracking at 45.80 with the 50.00 resistance level, which is an ideal target for the remaining bulls.
If this target is reached, the bulls may continue this rally and move to restore market momentum.
Ethereum
Ethereum (ether) dropped to a one-month low at the start of the week as prices plunged below the $1,500 mark.
Less than 24 hours after trading at the $1545.55 peak, ether/USD hit a low of $1,477.73 today.
Monday’s fall saw the world’s second-largest cryptocurrency hit its weakest point since January 14.
This latest slippage was due to the RSI failing to hold above the long-term low at 44.00.
At the time of writing, price strength is currently tracking at 42.26, which is the lowest reading since December 28th.
If this downtrend continues, it is highly likely that Ethereum could face support at $1,450.
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Credit : news.bitcoin.com
