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