BTC nears 10-day low as bears regain market sentiment – Reuters

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Bitcoin continued to slide on Thursday, with the coin remaining near its lowest level since late November. The dynamics of the cryptocurrency markets have changed over the past few days, with sentiment currently being bearish. Ethereum was also lower, with the token dropping towards $1,200.

Bitcoin

Bitcoin (BTC) remained near a one-week low on Thursday as cryptocurrencies continued to trade in the red.

BTC/USD slipped to a low of $16,750.56 earlier in the day, less than 24 hours after hitting a high of $17,061.48.

The move saw the world’s largest cryptocurrency move closer to a recent support point of $16,700.

BTC/USD – Daily Chart

After failing to break out of a high at the 50.00 level earlier in the week, the 14-day Relative Strength Index (RSI) now sits at 45.50.

If price strength continues to break down, the next visible support point appears to be at 43.00.

The bears in the market are hoping that this floor will not only be touched, but broken, which could trigger a move below $16,000.

Ethereum

Like bitcoin, Ethereum (ETH) also edged lower during today’s session, with prices falling for a second day in a row.

After hitting a high of $1,252.30 on Wednesday, ETH/USD plunged to a low of $1,224.45 earlier in the day.

Today’s price decline pushed Ethereum below recent support at the $1,230 level, with prices hitting a nine-day low.

ETH/USD – Daily Chart

Looking at the chart, the 10-day moving average (red) remains high, which some see as a signal that a bullish reversal might still be on the cards.

Despite this, the momentum appears to be bearish, with the RSI trailing at 46.72, which is its lowest point since November 29th.

The index now seems to be heading towards a support point at the 45.00 level.

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Will Ethereum end the week below or above $1,200? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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