Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday

Bitcoin fell to a seven-day debased to commencement the week, arsenic caller bullish momentum began to deterioration disconnected successful cryptocurrency markets. Friday’s stronger than expected U.S. non-farm payrolls study has made immoderate question the Federal Reserve’s presumption that ostentation has peaked. Ethereum besides declined connected Monday, however, it remained supra $1,600.

Bitcoin

Bitcoin (BTC) started the week falling to a seven-day low, arsenic marketplace sentiment began to displacement downwards.

BTC/USD has present fallen little for 5 consecutive sessions, with today’s diminution taking prices to a bottommost of $22,734.48.

This driblet sees bitcoin deed its weakest constituent since January 30, erstwhile prices were trading astatine a level of $22,500.

BTC/USD – Daily Chart

Looking astatine the chart, the world’s largest cryptocurrency appears to beryllium heading towards this constituent of enactment erstwhile again.

Recent declines successful BTC person travel arsenic the 14-day comparative spot scale (RSI) broke retired of a level astatine 68.00. It is present tracking astatine 61.15.

This is the lowest speechmaking for the scale successful astir a month, and comes pursuing an extended streak successful overbought territory.

Ethereum

Ethereum (ETH) besides moved little connected Monday, nevertheless prices were capable to stay supra the $1,600 level contempt the decline.

Following a precocious of $1,665.26 connected Sunday, ETH/USD dropped by arsenic overmuch arsenic 2% successful today’s session, hitting a debased of $1,616.30 successful the process.

As a effect of this sell-off, ethereum moved person to its caller enactment level astatine $1,600. However, bulls person truthful acold rejected a collision.

ETH/USD – Daily Chart

This has been helped by the RSI, which has recovered its ain level astatine 58.00, providing a brushed landing for erstwhile bulls.

ETH has since rebounded from earlier losses, and astatine the clip of writing, is trading astatine $1,630.55.

Should this RSI level of 68.00 hold, ethereum bulls whitethorn effort to marque different determination towards $1,700 arsenic the week progresses.

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What is down today’s reversal successful cryptocurrency prices? Leave your thoughts successful the comments below.

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