On Friday, cryptocurrency markets continued to lose money. Bitcoin fell to multi-week lows in the process. Coinmarketcap was down 3.70 percent as of this writing, and Ethereum was down as well.
Bitcoin
Bitcoin was down for the third time in a row, as the recent bearish pressure on the world’s biggest cryptocurrency kept getting worse.
As of this writing, BTC/USD is down almost 7%. It hit $43,327.99 on Thursday.
At the time of this writing, BTC was trading at a low of $39,633, down from a high of $41,765.
These prices have dropped because there has been a lot more uncertainty in the market. The situation between Russia and Ukraine is likely to be the main reason.
It used to be that people thought that BTC was a risky asset, but now they think gold is a better bet. This has led to the price of the “safe haven” currency going up for months.
Even though Bitcoin/USD has lost some of its value today, it seems to have hit a temporary bottom. The 14-day RSI is also stabilising, after earlier weakness.
Ethereum
Yesterday, ETH traders were only able to stay above the $3,000 level. On Friday, the rug was truly pulled from under them.
ETH/USD fell to an intraday low of $2,824.08 today, which is the lowest level it has been since February 4.
The move came when the price of the world’s second-largest cryptocurrency fell below the $2,840 level. The asset, on the other hand, has since regained some of its ground.
Over the course of this week’s drops, the 14-day RSI has moved even more into the “overbought” zone, which means that the value of Ethereum has dropped 8%.
As of this writing, if the current support is broken, bears are likely to try to push this to the $2,500 level.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
