BTC Below ,000 Amid Increased Market Volatility – Market Updates Bitcoin News

BTC Below $16,000 Amid Increased Market Volatility – Market Updates Bitcoin News

Bitcoin fell below $16,000 on Nov. 21, as markets continued to react to news that the FTX contagion had hit yet another company. Hong Kong-based crypto ATM company Genesis Block halted operations as it appears to be stabilizing its liquidity pool. Ethereum was also lower as prices remained below USD 1,200.

Bitcoin

Bitcoin (BTC) fell below $16,000 at the start of the week as volatility in the cryptocurrency markets continued to rise.

After a high of $16,590.42 on Sunday, BTC/USD fell to an intraday low of $15,943.14 earlier today.

The move pushed the world’s largest cryptocurrency to its lowest point since Nov. 14, when prices fell below a key support point of $16,200.

Bitcoin, Ethereum Technical Analysis: BTC Below USD 16,000 Amid Increased Market Volatility
BTC/USD – Daily chart

Looking at the chart, BTC continued to trade below this support point throughout today’s session, with the 14-day relative strength index (RSI) also hovering near a home bottom.

The index is currently tracking at the level of 32.79, which is slightly below a key support point of 33.00.

If this decline continues, we will likely see bitcoin bears attempting to push the token to a lower floor of $15,600.

Ethereum

Like BTC, ethereum (ETH) extended its recent declines and fell lower for the second straight session on Monday.

ETH/USD fell as low as $1,110.57 to start the week, coming less than 24 hours after reaching a high of $1,183.43.

Today’s drop, which saw the token fall as much as 4%, took ETH to its lowest point since November 10.

Bitcoin, Ethereum Technical Analysis: BTC Below USD 16,000 Amid Increased Market Volatility
ETH/USD – Daily chart

Bears appear to be targeting a bottom of $1,100, but traders have so far rejected this proposal, with the token bouncing, and it now trades at $1,120.26.

As shown on the chart, Monday’s price drop coincided with the breakout of the RSI at 37.75 and now stands at 34.61.

The momentum of the 10-day (red) moving average has shifted again, with the trendline suggesting further declines are on the way.

Register your email address here to receive weekly price analysis updates in your inbox:

Will we see Ethereum drop below USD 1,100 in the coming days? Leave your thoughts in the comments below.

Eliman Dambel

Eliman brings an eclectic take on market analysis, having previously served as a real estate director and a retail lecturer. Currently, he acts as a commentator for various asset classes including Crypto, Stocks, and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *