Bitcoin fell below $16,000 on Nov. 21 as the market continued to react to news that the FTX contagion had affected another firm. Genesis Block, a Hong Kong-based cryptocurrency ATM company, has ceased operations as it looks to stabilize its liquidity pool. Ethereum was also lower as the price remained below $1,200.
Bitcoin (BTC) fell below $16,000 earlier this week as volatility in the cryptocurrency market continued to rise.
BTC/USD fell to an intraday low of $15,943.14 earlier today, following Sunday’s high of $16,590.42.
The move pushed the world’s largest cryptocurrency to its lowest point since Nov. 14, when prices fell below key support at $16,200.
Looking at the chart, BTC continues to trade below this support level in today’s session, with the 14-day relative strength index (RSI) also hovering near its bottom.
The index is currently tracking at the 32.79 level, just below the key support point of 33.00.
If this decline continues, we could see Bitcoin bears attempting to push the coin towards the $15,600 floor.
Like BTC, ethereum (ETH) extended recent losses, posting losses for the second straight session on Monday.
ETH/USD fell to a low of $1,110.57 earlier this week, less than 24 hours after hitting a high of $1,183.43.
Today’s drop, which saw the token drop as much as 4%, sent ETH to its lowest point since Nov. 10.
Bears appeared to be targeting the $1,100 floor, but traders have so far rejected the offer, and the coin rallied and is currently trading at $1,120.26.
As you can see from the chart, Monday’s price drop coincided with the RSI breaking its own bottom at 37.75, currently at 34.61.
The 10-day (red) moving average is changing momentum again, and the trendline suggests further declines are likely.
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Will we see Ethereum drop below $1,100 in the next few days? Leave your thoughts in the comments below.
Eliman brings an eclectic perspective to market analysis and was previously a brokerage director and retail trading educator. Currently, he serves as a commentator on various asset classes, including cryptocurrencies, equities, and foreign exchange.
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