Bitcoin slipped beneath $16,000 on Nov. 21, as markets continued to react to the information that the FTX contagion had impacted yet one more agency. Hong Kong-based crypto ATM agency Genesis Block halted its operations, because it appears to stabilize its liquidity pool. Ethereum was additionally decrease, as costs remained beneath $1,200.
Bitcoin
Bitcoin (BTC) slipped beneath $16,000 to start out the week, as volatility in cryptocurrency markets continued to rise.
Following a excessive of $16,590.42 on Sunday, BTC/USD dropped to an intraday low of $15,943.14 earlier at this time.
The transfer pushed the world’s largest cryptocurrency to its lowest level since November 14, when costs fell beneath a key assist level of $16,200.
Wanting on the chart, BTC continued to commerce beneath this level of assist in at this time’s session, with the 14-day relative power index (RSI) additionally hovering close to a ground of its personal.
The index is at present monitoring on the 32.79 stage, which is marginally beneath a key assist level of 33.00.
Ought to this decline proceed, we are going to seemingly see bitcoin bears try to take the token in direction of a decrease ground of $15,600.
Ethereum
Like BTC, ethereum (ETH) prolonged latest declines, stumbling decrease for a second straight session on Monday.
ETH/USD fell to a low of $1,110.57 to start out the week, which comes lower than 24 hours after hitting a excessive of $1,183.43.
At present’s drop, which noticed the token fall by as a lot as 4%, took ETH to its lowest level since November 10.
Bears appear to be focusing on a ground of $1,100, nonetheless merchants have to this point rejected this proposition, with the token bouncing, and it’s now buying and selling at $1,120.26.
As might be seen on the chart, Monday’s drop in worth coincided with the RSI breaking out of its personal ground at 37.75, and it’s now at 34.61.
The momentum of the 10-day (purple) shifting common has as soon as once more shifted, with the trendline suggesting that additional declines might be on the way in which.
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Will we see ethereum fall beneath $1,100 within the coming days? Depart your ideas within the feedback beneath.
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