Bitcoin, Ethereum Technical Analysis: BTC Falls to $20,000 Range, as Sell-Off Extends

Bitcoin declined for an eighth consecutive session on Tuesday, as the crash in crypto markets continued. BTC fell to the $20,000 range for the first time since December 2020, whilst ETH hit $1,000, also recording a multi-year low.

Bitcoin

BTC was trading lower for an eighth consecutive day, with Monday’s decline sending prices to their lowest point since December 2020.

The world’s largest crypto token fell to an intraday low of $20,950.82 in today’s session, following yesterday’s low of $23,607.69.

This latest decline comes as traders prepare for tomorrow’s FOMC meeting, where some expect the Federal Reserve to increase interest rates.

As U.S. inflation continues to peak, many now see it as a necessity for the Fed to make more policy changes, in order to combat rising consumer prices.

From a technical standpoint, the 14-day RSI is now tracking at its lowest point in over five years, with a reading of 23.77.

Many believe that we have yet to find a price floor following the recent declines in value, with some expecting prices to potentially land near $19,000.

Ethereum

Ethereum fell below $1,100 on Tuesday, as the price decline in the world’s second-largest cryptocurrency worsened.

Following a high of $1,269.76 to start the week, ETH/USD fell to an intraday bottom of $1,094.70 earlier in the day.

This drop saw ETH land at its lowest point since January 2021, when prices rose for a bottom of $748.

As a result of this latest drop in price, ETH broke out of its support at $1,275, and now looks set to find support at around $800.

Bulls will likely try to prevent this from happening, and will be helped by the fact that the 14-day RSI is deeply oversold, with not much bearish volume left.

Relative strength is currently tracking at 21, which is its lowest reading since March 2020, during the first peak of the coronavirus pandemic.

Will ETH fall below $1,000 this coming week? Leave your thoughts in the comments below.

Earning Passive Income With Crypto

Related Posts

Status (SNT) Creates Double Bottom Pattern Inside Long-Term Support Area

Status (SNT) returned to its May lows on June 14 and created a double bottom pattern that was combined with a bullish divergence in the RSI. SNT…

The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars

The prominent rap stars Eminem and Snoop Dogg released a new music video that showcases the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection. The duo’s…

Crypto Can Save the Fashion Industry Despite Being Bruised and Battered –  Here’s Why

Luxury fashion brands are looking beyond the trauma that the crypto industry is currently facing to create “digital twins” for their designer products. Luxury giants LVMH, Prada,…

2022 Most Significant Bear Market yet, Says Glassnode

The bear market of 2022 has proven to be the most significant yet for cryptocurrencies, according to a recent report from Glassnode. While equities and bonds have…

Reports Claim Russia Defaulted on Foreign Debt for the First Time in a Century, Kremlin Disagrees and Says It Paid

According to reports, the Russian Federation has defaulted on its foreign debt for the first time since 1918. Bondholders told the press that they had not received…

Stacks (STX) Breaks out From 221-Day Descending Wedge

Stacks (STX) has broken out from a bullish long-term pattern after the RSI generated significant bullish divergence. STX has been falling since reaching an all-time high price…