Digital Economy: After The Easter Selloff, BTC Drops to a One-Month Low, Ethereum Lower on Monday.
London, Monday, 18 April 2022
To begin the week, Bitcoin sank to a one-month low as Cryptocurrency prices continued to fall, despite recent unfavourable market pressure.
BTC/USD fell to a low of $38,696.19 on Monday after reaching a high of $40,570.73 late on Sunday.
Prices fell to their lowest level since March 15 today, as bears were able to break through the recent $40,000 support level.
BTC has rebounded since hitting the previous bottom, and is currently trading at roughly $39,350, as bulls strive to recoup prior losses.
Bulls will hope that this level of price strength sustains; otherwise, we may witness additional drops, with some bearish aiming for $35,000 for BTC.
In addition to BTC, the world's second-largest cryptocurrency, ETH, was trading lower on Monday, with previous falls.
ETH/USD plummeted for the second day in a row, hitting an intraday low of $2,893.91 to begin this week's trading.
With Monday's decline, ETH touched its lowest point in little over three weeks, falling close below the $2,950 support level.
Earlier losses have calmed, similar to BTC, as bears have likely taken some profits, while bulls try to keep this level.
Despite the 14-day RSI going below its own floor, prices are presently trading closer to support as of writing.
Price strength is currently at 41, its lowest level since early March, which might be a plus for bulls wanting to take advantage of the current weakness.
(Written and edited by: The Decision Maker)