BTC, ETH Prices Lower for a Sixth Straight Day – Market Updates Bitcoin News

Bitcoin was buying and selling decrease to start out the week, as markets had been anticipating the discharge of U.S. president Biden’s government order on cryptocurrencies. Ethereum additionally remained within the pink, and continues to trace at multi-week lows.


Bitcoin costs had been virtually 12% decrease from the identical level final week, as costs fell for a sixth straight day on Monday.

Following a excessive of $39,394.44 on Sunday, BTC/USD dropped to a low of $37,358.00 to start out the buying and selling week.

The transfer noticed BTC close to its long-term help in opposition to the greenback of $37,200, hitting its lowest degree since February 4 within the course of.

btcusd 2022 02 21 14 59 41 23adf
BTC/USD – Every day Chart

Worth energy in bitcoin is now firmly oversold, with the 14-day RSI monitoring at 39, which is its lowest level in over three weeks.

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This current downward pattern has pushed the 10-day (pink) shifting common on the cusp of crossing over the 25-day (blue) MA.

Ought to this occur, we may even see but much more declines within the worth of the world’s largest cryptocurrency.

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Like bitcoin, costs of ethereum had been additionally down to start out the week, with the world’s second largest cryptocurrency buying and selling virtually 9% decrease from its place final Monday.

Monday noticed ETH/USD fall to an intraday low of $2,585.95, which is its weakest degree since February 3.

This three-week low got here as ETH headed to what appears to be a brand new ground of $2,560, as could be seen from the chart under.

ethusd 2022 02 21 14 59 31 b7141
ETH/USD – Every day Chart

Nevertheless, shortly after hitting this level, the worth of ETH rallied, as historic bulls who purchased at this level as soon as once more re-entered.

This slight rebound has considerably extended the inevitable draw back cross of the 10-day and 25-day shifting averages, which solely just lately confirmed markets indicators of additional upwards momentum.

What are the principle elements behind this selloff? Depart your ideas within the feedback under.'
Eliman Dambell

Eliman brings a diversified viewpoint to market evaluation, having labored as a brokerage director, retail buying and selling educator, and market commentator in Crypto, Shares and FX.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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