Bitcoin saw another loss in Friday’s session as the coin traded below $19,000 again. The latest decline comes as the global economic slowdown becomes more pronounced. Both the Bank of England and the U.S. Federal Reserve have moved to raise interest rates this week, and the Bank of Japan has also intervened in currency markets. Ethereum was also lower on Friday, falling below $1,300.
BTC/USD traded near three-month lows on Friday as the coin fell to an intraday low $18,859.75.
The S&P 500 and gold also fell to recent lows in the past 24 hours following the Fed rate hike.
Looking at this chart, today’s decline came as the price broke below the key price floor of $19,300, while the 14-day relative strength index (RSI) also broke below the resistance point.
At press time, the index was tracking at 41.38, just below the notable ceiling of the 42.00 mark.
The bears now look to move from this upper bound to the lower bound of 37.50, and if that happens, BTC could trade below $18,000.
Similar to Bitcoin, today’s red wave also collided with Ethereum (ETH), whose price fell below $1,300 again.
In today’s trade, the world’s second-largest cryptocurrency fell to an intraday low of $1,258.71.
As you can see from the chart, the 10-day (red) moving average has completely crossed over the 25-day (blue) moving average, which suggests that further declines are likely.
See also WhatsApp releases the most important update for the first time to help users cope with COVID-19
Currently, the RSI is tracking at 37.58, in oversold territory, which could be a positive for investors looking for a slowdown in the sell-off.
Overall, ETH is down nearly 12% over the past seven days.
Sign up for your email here to get weekly price analysis updates delivered to your inbox:
Will Ethereum fall below $1,000 this month? Leave your thoughts in the comments below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. 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 or related to the use of or reliance on any content, goods or services mentioned herein.