Bitcoin dropped below the $30,000 level on Jul 21, as market sentiment continued to trend lower in today’s session. This comes a week after cryptocurrency markets surged following the XRP ruling, however momentum has since faded as a result of profit taking. Ethereum was also down on Friday.
Bitcoin
Bitcoin (BTC) remained in the red on Friday, as the cryptocurrency moved back below the $30,000 level.
After hitting a high of $30,406.45 on Thursday, BTC/USD fell to a bottom at $29,638.10 earlier in the day.
This decline resulted in bitcoin moving near Tuesday’s floor at $29,525, which was a one-month low.
Bitcoin chart by TradingViewThe latest sell-off came as the relative strength index (RSI) dropped below a key support point at 49.00.
Currently, price strength is tracking at 48.09, with the 46.00 mark a potential target for sellers.
Additionally, the 10-day (red) moving average has begun separating from its 25-day (blue) counterpart, which could be a sign of an upcoming downturn.
Ethereum
After making a strong rebound on Thursday, ethereum (ETH) was largely lower in today’s session.
ETH/USD edged to a bottom at $1,879.73 earlier today, which comes a day after peaking around $1,920.
Friday’s sell-off briefly sent ethereum below a support level of $1,880, however bulls have since moved to stabilize this floor.
Ethereum chart by TradingViewUnlike with BTC, ethereum’s 10-day (red) moving average remains upwards facing, which could be a sign of sentiment in the market being bullish.
In order to validate this theory, there will first have to be a breakout on the RSI, in particular of a ceiling at 52.00.
The index is currently tracking at 49.86.
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Could ethereum climb back above $1,900 this week? Leave your thoughts in the comments below.
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