Bitcoin’s value has continued to decrease for the third consecutive session, falling below the $28,000 mark. This shift in the market sentiment has been due to traders taking profits from last week’s high. Ethereum has also experienced a drop in value, with it now trading around the $1,900 region.
Bitcoin’s price fell to an intraday low of $27,855.96 earlier on Friday, following a high of $28,906.25 on Thursday. This drop in value has led to bitcoin falling to its weakest point since April 9, when the price hit a floor of $27,800. BTC bulls re-entered the market as the price neared this point, pushing the price back above $28,000. One of the catalysts for this drop was the 14-day relative strength index (RSI), which fell to a floor of its own at 46.00. The index has marginally risen from this low and is tracking at 46.35 at the time of writing.
Ethereum has also experienced a drop in value, with the price nearing a breakout below the $1,900 mark. Two days after hitting a peak at $2,105, ETH/USD dropped to a low of $1,904.42 earlier in Friday’s session. This decline has resulted in the world’s second-largest cryptocurrency now trading at its lowest level in eight days. Overall, ethereum is trading nearly 10% lower than at the same time last week when it rose above $2,000 for the first time since last May. The RSI has also significantly dropped, with the index breaking out of a floor at the 53.00 level and now at a reading of 49.46. If momentum continues to fall, bears will likely be targeting a point of support at 44.50.
It is unclear whether this recent downturn is a result of profit-taking. However, traders should remain vigilant and keep a close eye on the market, as sudden shifts in sentiment can lead to significant price movements.
Eliman Dambell, a startup founder and commentator on various asset classes, including Crypto, Stocks, and FX, suggests registering for weekly price analysis updates to stay informed. It is important to note that this article is for informational purposes only and not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any 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 the use of or reliance on any content, goods, or services mentioned in this article.
