Bitcoin was trading marginally lower to start the week, as prices of the token fell lower for a fourth consecutive session. The world’s largest cryptocurrency has suffered from increased market volatility, following last Saturday’s surge to a six-week high above $24,000. Ethereum was also in the red on Monday.
Bitcoin (BTC) was trading in the red to start the week, as markets fell for a fourth consecutive session on Monday.
Following last Saturday’s peak of $24,678, which saw BTC/USD hit its highest level since June 13, the token has fallen in back-to-back sessions.
This latest decline saw bitcoin hit a bottom of $22,994.61 earlier in the day, cementing a five-day low in the process.
Bearish sentiment appears to have begun following the breakout attempt, where bulls were unsuccessful in keeping prices above $24,400.
This comes as price strength hit a ceiling of its own at 62 via the 14-day relative strength index (RSI), which seems to be the primary reason behind the recent decline.
The RSI is now tracking at 56, but looks to be moving towards a floor of 54, and should this happen, we could see prices fall near $21,000.
In addition to bitcoin, ethereum (ETH) was also lower for a fourth straight day, as bearish sentiment continues to sweep through crypto markets.
After a high of $1,745.88 on Sunday, ETH/USD fell to an intraday low of $1,650.42 earlier in today’s session.
Following almost a week of lower lows, prices now seem to be moving towards a support point of $1,620.
Like bitcoin, the 14-day RSI on the ETH chart was recently held at a resistance point, which then triggered this latest bearish downtrend.
As of writing, the relative strength index is tracking at 62.35, following a recent breakout of a floor of 63.
Should bearish pressure persist, the next floor on the indicator seems to be the 58 level, which may be a point that traders are now targeting.
Register your email here to get weekly price analysis updates sent to your inbox:
Where will ethereum be by the end of August? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.