BTC Plunges Below $27,000, Hits 7-Week Low – Bitcoin News Market Updates

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Bitcoin fell to a seven-week low on May 12 as prices fell below the $27,000 level in today’s session. Friday’s drop came as a red wave swept across cryptocurrencies, with the market capitalization down 2.75% at the time of writing. Ethereum also slipped to its weakest point since March.

Bitcoin

Bitcoin (BTC) fell below the $27,000 level during today’s session, pushing prices to a seven-week low.

After a high of $27,589.92 on Thursday, BTC/USD slid to an intraday low of $26,166.87.

Following the drop, bitcoin fell to its lowest level since March 17, when the price was below $25,000.

Overall, this latest sell-off coincided with the 14-day Relative Strength Index (RSI) exit from yesterday’s low of 43.00.

At the time of writing, price strength stands at 35.07, which is its lowest point in over two months.

If the momentum continues in this current trajectory, it is possible that BTC could head towards $25,000 this weekend.

Ethereum

In addition to BTC, Ethereum (ETH) was also in the red on Friday as bears continued to control market sentiment.

ETH/USD slid to a low of $1,742.40 on Thursday, following an earlier high of $1,835.62 the day before.

Similar to bitcoin, today’s price drop saw the world’s second largest cryptocurrency hit its lowest point since March.

A major catalyst for the move was also a breakout of the RSI, which fell from support in the 44.00 area.

Currently, the index sits at 39.04, its lowest level since March 11, when ETH was trading below $1,500.

Ultimately, this could be a long-term advantage for the bulls, who could buy the current price drop.

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What’s behind today’s red wave? Leave your thoughts in the comments below.

Elie Dambell

Eliman was previously a director of a London-based brokerage, while also being an online trading educator. Currently, he is a commentator on various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

Image credits: Shutterstock, Pixabay, Wiki Commons

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