Recent Crypto markets have seen a bearish wave of activity, with Ethereum dropping below $1600. Bears have taken control of the overbought cryptocurrency as sentiment shifts. Bitcoin also saw a selloff that dropped it below $23,000.
Bitcoin
Bitcoin (BTC) dropped below $23,000 on Wednesday after a pink wave swept the crypto markets. The intraday low for BTC/USD was $22,406.08, which occurred earlier in the session.
The fall in Bitcoin’s value caused it to reach its lowest level since 2009, breaking the $22,500 floor in the span of Sunday.
Looking at the chart, we can see that the drop was caused by the 14-day RSI falling to its lowest point since last Thursday. As of the time of writing, the index is currently at a level of 79.93, lower than the previous 24 hours when it hovered around 85.09.
Since its earlier breakout was a success, the biggest cryptocurrency in the world is now trading for $22,614.62.
Ethereum
Sentiment in Ethereum (ETH) shifted on Wednesday, with prices falling below the current support level of $1,600. The USD/ETH ratio fell to $1530.80 on January 5, 2018, after peaking at $1630.47 during the Tuesday session.
Since breaking out of the $1,600 floor, the trend seems to be pointing towards a lower support level at $1500.
