- Over the weekend, Bitcoin came close to breaking below the $27,000 level, as the market experienced a downturn after a week of volatility. This week, traders were grappling with uncertainty in light of the latest interest rate hike by the Federal Reserve and the ongoing global banking crisis. At the time of writing, Ethereum was trading below $1,800.
- Bitcoin initially consolidated below $28,000 over the weekend, with a decrease in market volatility on Saturday. On Friday, BTC/USD reached a high of $28,208.21, but earlier today it dropped to an intraday low of $27,039.27.
- This move caused Bitcoin to test a support level at $27,050, but so far, the bears have failed to break through this level.
- The latest sell-off in the crypto market occurred as the relative strength index (RSI) of Bitcoin fell below the 65.00 mark, reaching a low of 62.75, with the next point of support at 60.00. However, Bitcoin has since rebounded from its earlier lows and is currently trading at $27,475.15.
- Similarly, Ethereum also experienced a decline from its seven-month high, dropping to a low of $1,730.35 after reaching a high of $1,791.14. Despite this drop, Ethereum’s long-term floor at $1,730 held strong, with buyers choosing to buy the dip at that point. The recent decline in price has also caused Ethereum’s RSI to hit its lowest point in two weeks, with a reading of 55.39.
- While momentum still remains marginally bullish, as indicated by the 10-day moving average, a further drop below $1,730 could change this outlook.