{"id":13221,"date":"2022-07-11T14:55:44","date_gmt":"2022-07-11T14:55:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-falls-below-22000-to-start-the-week-market-updates-bitcoin-news\/"},"modified":"2022-07-11T14:55:44","modified_gmt":"2022-07-11T14:55:44","slug":"btc-falls-below-22000-to-start-the-week-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-falls-below-22000-to-start-the-week-market-updates-bitcoin-news\/","title":{"rendered":"BTC Falls Below $22,000 to Start the Week \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin started the week in the red, as Monday saw prices fall for a second consecutive session. Following a recent run towards $22,000, the world\u2019s largest crypto dropped below $21,000 earlier today, with ETH<\/a> slipping below $1,200.<\/b><\/p>\n

Bitcoin<\/h2>\n

Bitcoin dropped below $21,000 on Monday, as prices continued to slip, following a recent encounter with a key resistance point.<\/span><\/p>\n

Since hitting its resistance level of $22,070 on Friday, BTC<\/a> has fallen for three straight sessions, with today\u2019s decline hitting a low of $20,395.39.<\/span><\/p>\n

This move saw the token fall from an interim support point at $20,500, which usually is one of the last remaining defenses preventing price from falling below $20,000.<\/span><\/p>\n

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

Should bearish momentum continue, not only could we see the $20,000 mark broken, but bears will likely target a floor of $18,845.<\/span><\/p>\n

Price strength seems to be heading in that direction, with the 14-day RSI fast declining toward its own floor at 37.90.<\/span><\/p>\n

One thing to note, however, is that the 10-day moving average has now crossed with its 25-day counterpart, so should we see an extension of this cross, then bullish sentiment may return.<\/span><\/p>\n

Ethereum<\/h2>\n

Bullish sentiment was nowhere to be seen for ETH<\/a>, which saw its own gains die down, soon after hitting a high of $1,187.87 on Sunday.<\/span><\/p>\n

The world\u2019s second-largest cryptocurrency fell to a floor of $1,139.91 on Monday, as price moved to a lower low for the fourth straight day.<\/span><\/p>\n

As of writing, prices have somewhat risen, with ETH<\/a>\/USD now trading at $1,147.49, with relative strength tracking at floor.<\/span><\/p>\n

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

Looking at the chart, the 14-day RSI indicator is tracking near its long-term support point at 41.10, following a recent failed breakout of a ceiling at 49.40.<\/span><\/p>\n

Momentum seems to have shifted, with bears now controlling sentiment, despite a similar crossover of moving averages to that of bitcoin\u2019s.<\/span><\/p>\n

Ahead of this week\u2019s FOMC meeting, it will be interesting to see if prices consolidate, or rally, ahead of an expected 75 basis point interest rate hike.<\/span><\/p>\n

Do you expect a Fed hike to impact crypto prices? 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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