Bitcoin saw another loss in Friday’s session as the coin traded below $19,000 again. The latest decline comes as the economic becomes more pronounced. Both the of England and the U.S. Federal Reserve have to raise interest rates this , and the of Japan has also intervened in currency markets. Ethereum was also lower on Friday, falling below $1,300.

bitcoin

Bitcoin () fell back below $19,000 on Friday as financial markets continued to sell off while the global continued to slow.

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.

Bitcoin, Ethereum technical analysis: Bitcoin falls as global slowdown deepens
BTC/USD – Daily Chart

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 this upper bound to the lower bound of 37.50, and if that happens, BTC could trade below $18,000.

Ethereum

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.

The move brought ETH/USD to a floor price of $1,215, its drop since July earlier this week.

Bitcoin, Ethereum technical analysis: Bitcoin falls as global slowdown deepens
ETH/USD – daily chart

As you can see 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.

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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.

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Will Ethereum fall below $1,000 this month? Leave your thoughts in the comments below.

Eliman Dan Bell

Eliman brings an perspective to market analysis, having served as a brokerage director and retail trading educator. Currently, he works as a commentator for various asset classes, including , stocks and foreign .




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