{"id":17495,"date":"2023-02-10T15:01:28","date_gmt":"2023-02-10T15:01:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-hit-multi-week-low-as-sell-off-worsens-market-updates-bitcoin-news\/"},"modified":"2023-02-10T15:01:28","modified_gmt":"2023-02-10T15:01:28","slug":"btc-eth-hit-multi-week-low-as-sell-off-worsens-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-hit-multi-week-low-as-sell-off-worsens-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Hit Multi-Week Low, as Sell-off Worsens \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin moved below $22,000 on Friday\u2019s session, as sentiment in cryptocurrency markets remained bearish. Volatility in markets has risen in recent days, following comments from U.S. Fed Chair Jerome Powell, who hinted at ongoing rate hikes. Ethereum also dropped, falling under $1,600.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) extended recent declines on Friday, with prices falling below the $22,000 mark for the first time in several weeks.<\/p>\n

BTC<\/a>\/USD fell to an intraday low of $21,754.13 earlier today, which comes less than 24 hours after trading at $22,770.22.<\/p>\n

As a result of this drop, bitcoin moved to its weakest point since January 20, when the price bottomed at $20,865.<\/p>\n

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

From the chart, the sell-off took place following a break out of a resistance level at $22,500, which had mostly held firm since late January.<\/p>\n

In addition to this, the 14-day relative strength index(RSI) also dropped, falling to its lowest point in over a month.<\/p>\n

After weeks in overbought territory, price strength has started to subside, which could act as a long-term positive for bulls, whose next target will likely be $25,000.<\/p>\n

Ethereum<\/h2>\n

In addition to bitcoin, etheruem (ETH<\/a>) was also in the red in today\u2019s session, as it fell below the $1,600 level.<\/p>\n

Following a high of $1,643.64 on Thursday, ETH<\/a>\/USD slipped to a bottom at $1,536.59 earlier in the day.<\/p>\n

Like with BTC<\/a>, this move pushed the world\u2019s second-largest cryptocurrency to its lowest point since late-January.<\/p>\n

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

Overall, ETH<\/a> has now fallen for a third consecutive day, with the latest drop resulting in prices breaking out of a floor at $1,600.<\/p>\n

Traders now seem to be targeting a lower point of support at $1,515, which has not occurred so far, thanks to some resistance in price strength.<\/p>\n

The RSI has collided with a floor at 46.75, which is its lowest point since January 3 and has helped calm earlier declines.<\/p>\n

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

Could ethereum fall below $1,500 this coming weekend? 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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