The Crypto market was hit with a decline in momentum on Monday, with Bitcoin dropping to a seven-day low. The stronger-than-expected US Nonfarm Payrolls Report on Friday has raised questions about the Federal Reserve’s view that inflation has reached its peak. Ethereum also had its price reduced, but it remained above $1600.
Bitcoin
Bitcoin (BTC) began the week with a seven-day low as the bullish sentiment in the market started to diminish.
BTC/USD has dropped for five consecutive sessions, with the current decline bringing prices down to $22,734.48.
This is the lowest point for Bitcoin since 30 January 2021, when floor prices were $22,500.
Looking at the chart, the largest cryptocurrency in the world appears to be heading in this direction.
The current declines in BTC can be attributed to the fact that the 14-day RSI reached 68.00. It is now being monitored at 61.15.
This is the bottom in the index in just a month. It comes after a prolonged period of being overbought.
Ethereum
Ethereum had an additional drop on Monday, but prices managed to remain above $1,600 despite the decrease.
Following the high of $1,665.26 on Sunday, the ETH/USD pair saw a 2 percent drop during the session. It fell to $1,616.30 at its lowest point.
Due to this drop, Ethereum has reached its current level of support at $1,600. However, the bulls have so far been victorious in this battle.
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