Will BTC Fall Further? Bitcoin and Ethereum Analysis
Will BTC fall further? Bitcoin and Ethereum analysis. Bitcoin continued to jump on Thursday, with the coin near its lowest level since late November. The dynamics of the cryptocurrency market changed in the past few days, and the current trend is running. Ethereum is also lower, with the token down to $1,200.
Bitcoin (BTC) remained near a one-week low on Thursday as cryptocurrencies continued to trade in the red. BTC/USD dropped to a low of $16,750.56 earlier in the day, less than 24 hours after hitting a high of $17,061.48.
The move saw the world’s largest cryptocurrency moving closer to a recent support point of $16,700. After failing to break the 50.00 level earlier in the week, the 14-day Relative Strength Index (RSI) is currently sitting at 45.50.
If price strength continues to break, the next visible support point is at 43.00. Bears in the market expect that this floor will not only be touched, but broken, which can trigger a move below $16,000.
Like bitcoin, Ethereum (ETH) was down during today’s session, with prices falling for the second day in a row. After hitting a high of $1,252.30 on Wednesday, ETH/USD fell to a low of $1,224.45 earlier in the day.
Today’s price took Ethereum below the recent support level at the $1,230 level, the price hitting a nine-day low. Looking at the chart, the 10-day moving average (red) remains high, which some see as a sign that a bullish reversal may still be on the cards.
Despite this, the fire seems to be running, and the RSI follows it at 46.72, which is the lowest point since November 29th. The index now seems to be moving towards the support area at the 45.00 level.