{"id":12758,"date":"2022-06-14T23:25:51","date_gmt":"2022-06-14T23:25:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-falls-to-20000-range-as-sell-off-extends-market-updates-bitcoin-news\/"},"modified":"2022-06-14T23:25:51","modified_gmt":"2022-06-14T23:25:51","slug":"btc-falls-to-20000-range-as-sell-off-extends-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-falls-to-20000-range-as-sell-off-extends-market-updates-bitcoin-news\/","title":{"rendered":"BTC Falls to $20,000 Range, as Sell-Off Extends \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin declined for an eighth consecutive session on Tuesday, as the crash in crypto markets continued. BTC<\/a> fell to the $20,000 range for the first time since December 2020, whilst ETH<\/a> hit $1,000, also recording a multi-year low.<\/b><\/p>\n

Bitcoin<\/h2>\n

BTC<\/a> was trading lower for an eighth consecutive day, with Monday\u2019s decline sending prices to their lowest point since December 2020.<\/span><\/p>\n

The world\u2019s largest crypto token fell to an intraday low of $20,950.82 in today\u2019s session, following yesterday\u2019s low of $23,607.69.<\/span><\/p>\n

This latest decline comes as traders prepare for tomorrow\u2019s FOMC meeting, where some expect the Federal Reserve to increase interest rates.<\/span><\/p>\n

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

As U.S. inflation continues to peak, many now see it as a necessity for the Fed to make more policy changes, in order to combat rising consumer prices.<\/span><\/p>\n

From a technical standpoint, the 14-day RSI is now tracking at its lowest point in over five years, with a reading of 23.77.<\/span><\/p>\n

Many believe that we have yet to find a price floor following the recent declines in value, with some expecting prices to potentially land near $19,000. <\/span><\/p>\n

Ethereum<\/h2>\n

Ethereum fell below $1,100 on Tuesday, as the price decline in the world\u2019s second-largest cryptocurrency worsened.<\/span><\/p>\n

Following a high of $1,269.76 to start the week, ETH<\/a>\/USD fell to an intraday bottom of $1,094.70 earlier in the day.<\/span><\/p>\n

This drop saw ETH<\/a> land at its lowest point since January 2021, when prices rose for a bottom of $748.<\/span><\/p>\n

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

As a result of this latest drop in price, ETH<\/a> broke out of its support at $1,275, and now looks set to find support at around $800.<\/span><\/p>\n

Bulls will likely try to prevent this from happening, and will be helped by the fact that the 14-day RSI is deeply oversold, with not much bearish volume left. <\/span><\/p>\n

Relative strength is currently tracking at 21, which is its lowest reading since March 2020, during the first peak of the coronavirus pandemic.<\/span><\/p>\n

Will ETH<\/a> fall below $1,000 this coming 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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