{"id":20858,"date":"2023-05-12T13:07:35","date_gmt":"2023-05-12T13:07:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-plunges-under-27000-hitting-7-week-low-market-updates-bitcoin-news\/"},"modified":"2023-05-12T13:07:35","modified_gmt":"2023-05-12T13:07:35","slug":"btc-plunges-under-27000-hitting-7-week-low-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-plunges-under-27000-hitting-7-week-low-market-updates-bitcoin-news\/","title":{"rendered":"BTC Plunges Under $27,000, Hitting 7-Week Low \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell to a seven-week low on May 12, as prices dropped below the $27,000 level in today\u2019s session. Friday\u2019s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% as of writing. Ethereum also slipped to its weakest point since March. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) dropped below the $27,000 level in today\u2019s session, pushing prices to a seven-week low.<\/p>\n

Following a high of $27,589.92 on Thursday, BTC<\/a>\/USD slipped to an intraday bottom at $26,166.87.<\/p>\n

As a result of this drop, bitcoin fell to its lowest level since March 17, when price was below the $25,000 mark.<\/p>\n

Overall, this latest sell-off coincided with the 14-day relative strength index (RSI) breaking out of yesterday\u2019s floor of 43.00.<\/p>\n

At the time of writing, price strength is tracking at 35.07, which is its lowest point in over two months.<\/p>\n

Should momentum continue in this current trajectory, there is a possibility that BTC<\/a> could move toward $25,000 this weekend.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) was also in the red on Friday, as bears continued to control market sentiment.<\/p>\n

ETH<\/a>\/USD slipped to a low at $1,742.40 on Thursday, following an earlier peak of $1,835.62 the day prior.<\/p>\n

Similar to bitcoin, today\u2019s drop in price saw the world\u2019s second largest cryptocurrency hit its lowest point since March.<\/p>\n

A major catalyst to the move was also a breakout on the RSI, which fell out of a support point at the 44.00 zone.<\/p>\n

Currently, the index is at a reading of 39.04, which is its weakest level since March 11, when ETH<\/a> traded below $1,500.<\/p>\n

Ultimately, this could be a long-term positive for bulls, who may move to buy the current dip in price.<\/p>\n

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

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

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on 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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