BTC falls to a 5-month low – Markets and Prices Bitcoin News

BTC falls to a 5-month low – Markets and Prices Bitcoin News

Cryptocurrency sales continued at the beginning of the week, and bitcoin fell to its lowest level since July. Ethereum also traded in the red, reaching multi-month lows in the process. This comes as the total global market capitalization of cryptocurrencies fell close to 9% at the time of writing.

Bitcoin

Bitcoin (BTC), which was the main focus of the recent fall in cryptocurrency prices, traded 3% lower on Monday (at the time of writing), and almost 20% less than its position at the same time last week.

From writing, BTC/ USD reached a low of $ 33,184.06 during today’s session, its lowest level since July 23 last year. Today’s move comes when prices broke below the recent support level of $ 40,135 last Thursday and extended over the weekend.

Looking at the chart below, BTC they seem to have found a new level, reaching $ 34,200 on the daily chart. Although prices have moved beyond this temporary support, some bulls argue that this could be a false breakthrough, pointing to growth in late July as evidence of a potential reversal in this price range.

The RSI also shows that the price strength is below 30 (currently hovering at 22), which usually means that the market has been resold. However, since it seems that the real bull momentum is above 30, we may be in further consolidation today.

BTC falls to a 5-month low – Markets and Prices Bitcoin News
BTCUSD – Daily chart

Ethereum

Ethereum (ETH) it was down more than bitcoin at the beginning of the week, as the world’s second largest cryptocurrency traded over 8% lower during the session. ETH/ USD fell to $ 2,172.30 on Monday, the lowest level since July 27.

Similar BTC, the chart below suggests that prices have been resold, however, the 10-day EMA also shows that there could be even more bearish momentum, with a downward triangle highlighting the potential continuation of the current trend.

BTC falls to a 5-month low – Markets and Prices Bitcoin News
ETH/ USD – Daily chart

Ethereum bulls are likely to view the Fibonacci level of 0.236% as a potential target for the next significant price increase.

Labels in this story

Bitcoin (BTC), BTC, BTC / USD, EMA, ETH, ETH / USD, Ethereum, Fibonacci, Market update, Markets, Prices, resistance, RSI, support

Ought Should traders be careful in trying to catch what looks like a falling knife? Tell us what you think about this topic in the comments section below.

BTC falls to a 5-month low – Markets and Prices Bitcoin News

Eliman Dambell

Eliman brings a diverse point of view to market analysis, as he has worked as a broker director, retail educator and market commentator in crypto, stocks and currencies.




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