{"id":12706,"date":"2022-06-13T13:32:11","date_gmt":"2022-06-13T13:32:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-drops-below-24000-to-lowest-level-since-december-2020-market-updates-bitcoin-news\/"},"modified":"2022-06-13T13:32:11","modified_gmt":"2022-06-13T13:32:11","slug":"btc-drops-below-24000-to-lowest-level-since-december-2020-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-drops-below-24000-to-lowest-level-since-december-2020-market-updates-bitcoin-news\/","title":{"rendered":"BTC Drops Below $24,000 to Lowest Level Since December 2020 \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH<\/a> also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process.<\/b><\/p>\n

Bitcoin<\/h2>\n

Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week. <\/span><\/p>\n

Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week.<\/span><\/p>\n

BTC<\/a>\/USD fell to an intraday low of $23,607.69 earlier in today\u2019s session, which is its lowest point in over sixteen months.<\/span><\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame.<\/span><\/p>\n

The most recent drop comes as BTC<\/a> moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000. <\/span><\/p>\n

As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50.<\/span><\/p>\n

Ethereum<\/h2>\n

There was also some bloodshed in ETH<\/a> on Monday, as prices fell below $1,200 for the first time in over a year.<\/span><\/p>\n

The world\u2019s second-largest cryptocurrency plummeted to an intraday low of $1,190.04 on Monday, falling by over 15% in the process.<\/span><\/p>\n

Monday\u2019s drop saw ethereum\u2019s price hit its lowest level since January 2021, and also comes after seven straight daily declines.<\/span><\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As a result of this, prices have dropped by over 35% in the last seven days, with the RSI having its lowest reading in over two years.<\/span><\/p>\n

With price strength so oversold, the hope is that prices could rebound, however some bears are seemingly targeting the $1,100 point. <\/span><\/p>\n

Overall, this recent sell-off comes after days of consolidation, which ended on Friday, following the release of U.S. inflation data, which came in at 8.6%.<\/span><\/p>\n

Will we see crypto prices continue to drop this week? Leave your thoughts in the comments below.<\/i><\/b><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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