Bitcoin’s downturn continued on Friday, as prices fell for a third consecutive session, leading to a move below $28,000. Market sentiment has shifted in recent days, as traders began taking profits from last week’s high. Ethereum was also lower, and is now trading around the $1,900 region.
Bitcoin
Bitcoin () moved lower for a third consecutive session on Friday, as prices slipped below the $28,000 mark.
Following a high of $28,906.25 on Thursday, /USD dropped to an intraday low of $27,855.96 earlier in the day.
As a result of this move, bitcoin fell to its weakest point since April 9, which is the last time price hit a floor of $27,800.
Since nearing this point, bulls have reentered the market, and have pushed price back above $28,000.
One of the catalysts for today’s drop came as the 14-day relative strength index (RSI) fell to a floor of its own at 46.00.
The index has marginally risen from this low, and is tracking at 46.35 at the time of writing.
Ethereum
In addition to , ethereum () also edged lower, with price nearing a breakout below the $1,900 mark.
Two days after hitting a peak at $2,105, /USD dropped to a low of $1,904.42 earlier in today’s session.
This decline has resulted in the world’s second largest cryptocurrency now trading at its lowest level in eight-days.
Overall, ethereum is trading nearly 10% lower than at the same time last week, when it rose above $2,000 for the first time since last May.
The RSI has also significantly dropped, with the index breaking out of a floor at the 53.00 level, and it is now at a reading of 49.46.
Should momentum continue to fall, bears will likely be targeting a point of support at 44.50.
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Is this recent downturn a result of profit taking? Leave your thoughts in the comments below.
Source: Bitcoin
