Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000

Losses in cryptocurrency markets prolonged on Friday, with bitcoin falling to multi-week lows within the course of. Ethereum was additionally decrease in the course of the session, while the worldwide crypto market cap was down 3.70% as of writing.

Bitcoin

Bitcoin was down for a 3rd consecutive session, as latest bearish strain continued to accentuate on the world’s largest cryptocurrency.

Following a excessive of $43,327.99 on Thursday, BTC/USD fell beneath $40,000 throughout at present’s session, and is down practically 7% as of writing.

The transfer noticed BTC hit an intraday low of $39,633 (as of writing), sending costs beneath its latest help of $41,765.

This drop in value comes as market uncertainty continues to intensify, with the scenario between Russia and Ukraine possible one of many major culprits.

Traders, which usually see BTC as a high-risk asset, have moved to gold as a substitute, resulting in costs of the “protected haven” foreign money climbing to multi-month highs.

BTC/USD nevertheless appears to have discovered an interim ground after at present’s selloff, with the 14-day RSI additionally consolidating, after earlier weak point.

Ethereum

After barely remaining above the $3,000 degree yesterday, the rug was really pulled from the toes of ETH merchants on Friday.

ETH/USD fell to an intraday low of $2,824.08 throughout at present’s session, which is its lowest degree since February 4.

The transfer got here as costs of the world’s second largest cryptocurrency fell beneath help at $2,840. The asset, nevertheless, has since regained a few of its footing.

In addition to this, the 14-day RSI has moved additional into oversold territory after this week’s declines, which has seen ETH lose 8% of its worth.

As of writing, ought to the present help be damaged, bears will possible look to push this towards the $2,500 level.

Will this bearish strain prolong into the weekend? Leave your ideas within the feedback beneath.