{"id":17343,"date":"2023-02-06T19:22:18","date_gmt":"2023-02-06T19:22:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-hits-1-week-low-bullish-sentiment-fades-on-monday-market-updates-bitcoin-news\/"},"modified":"2023-02-06T19:22:18","modified_gmt":"2023-02-06T19:22:18","slug":"btc-hits-1-week-low-bullish-sentiment-fades-on-monday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-hits-1-week-low-bullish-sentiment-fades-on-monday-market-updates-bitcoin-news\/","title":{"rendered":"BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets. Friday\u2019s stronger than expected U.S. non-farm payrolls report has made some question the Federal Reserve\u2019s view that inflation has peaked. Ethereum also declined on Monday, however, it remained above $1,600.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) started the week falling to a seven-day low, as market sentiment began to shift downwards.<\/p>\n

BTC<\/a>\/USD has now fallen lower for five straight sessions, with today\u2019s decline taking prices to a bottom of $22,734.48.<\/p>\n

This drop sees bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500.<\/p>\n

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

Looking at the chart, the world\u2019s largest cryptocurrency appears to be heading towards this point of support once again.<\/p>\n

Recent declines in BTC<\/a> have come as the 14-day relative strength index (RSI) broke out of a floor at 68.00. It is now tracking at 61.15.<\/p>\n

This is the lowest reading for the index in nearly a month, and comes following an extended streak in overbought territory.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline.<\/p>\n

Following a high of $1,665.26 on Sunday, ETH<\/a>\/USD dropped by as much as 2% in today\u2019s session, hitting a low of $1,616.30 in the process.<\/p>\n

As a result of this sell-off, ethereum moved closer to its recent support level at $1,600. However, bulls have so far rejected a collision.<\/p>\n

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

This has been helped by the RSI, which has found its own floor at 58.00, providing a soft landing for previous bulls.<\/p>\n

ETH<\/a> has since rebounded from earlier losses, and at the time of writing, is trading at $1,630.55.<\/p>\n

Should this RSI floor of 68.00 hold, ethereum bulls may attempt to make another move towards $1,700 as the week progresses.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

What is behind today\u2019s reversal in cryptocurrency prices? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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