Bitcoin declined below $22,000 in the Friday session as the sentiment in the cryptocurrency markets remained bearish. Markets have increased volatility in recent days following comments from US Fed Chair Jerome Powell, who hinted at an ongoing rate hike. Ethereum also declined and declined below $1,600.
Bitcoin (BTC) continued its recent decline on Friday, with the price falling below the $22,000 mark for the first time in several weeks.
BTC/USD fell to a low of $21,754.13 earlier today, which comes less than 24 hours after trading at $22,770.22.
As a result of this decline, bitcoin reached its weakest point since January 20, when the price dropped to a low of $20,865.
From the charts, the selloff occurred after it broke the $22,500 resistance level, which was mostly stable since late January.
Besides this, the 14-day Relative Strength Index (RSI) also declined, hitting its lowest level in over a month.
After weeks in overbought territory, price strength has started to wane, which could act as a long-term positive for the bulls, whose next target is likely to be $25,000.
Besides bitcoin, Ethereum (ETH) was also in the red in today’s session as it declined below the $1,600 level.
After hitting a high of $1,643.64 on Thursday, ETH/USD slipped to a low of $1,536.59 earlier in the day.
Like BTC, the move pushed the world’s second-largest cryptocurrency to its lowest point since late January.
Overall, ETH has now declined for the third day in a row, with the latest decline resulting in the price breaking the low of $1,600.
Traders are now targeting a lower point of support at $1,515, which has not happened so far, due to some resistance in the price strength.
The RSI has hit a floor at 46.75, which is its lowest point since January 3rd and has helped offset the earlier decline.
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