Bitcoin, Ethereum Technical Analysis: BTC Drops Below $22,000 to Start the Week
Categories: Crypto News US

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $22,000 to Start the Week
Bitcoin (BTC) price turned red once again during today's session as the price dropped below $22,000 at the start of the week. The world's largest cryptocurrency fell to a low of $21,804.35 in today's session, down $1,100 from Sunday's peak. BTC/USD was seen trading as high as $22,974.00 yesterday, however, the token price has fallen as a result of increasing market volatility.
Today's move has seen bitcoin fall to its recent support point of $21,000, although the bulls have so far resisted attempts by the bears to force a breakout. After today's lows, BTC has reversed somewhat and is trading at $21,989.16, slightly below $22,000 as of writing. The Relative Strength Index (RSI) has also fallen, and the indicator is now tracking at 50, which has previously been a level of support.
Ethereum Apart from bitcoin, Ethereum (ETH) was also in the red as the price fell towards what appears to be a new support point at $1,500. ETH/USD slipped to a one-day low of $1,506.66 at the start of the week, as prices consolidate for the seventh consecutive session. This week-long consolidation is taking place between the $1,500 floor and the recent $1,650 price range.
Looking at the chart, this sideways trend started after a failed breakout of the 69 resistance level on the 14-day RSI. The index is now tracking at 59, as it moves towards another point of uncertainty, which is at 57. If the relative strength falls below this point, we could see a further decline.