Bitcoin started the week trading below $19,000 as recent economic pressures continue to weigh on the cryptocurrency markets. The token edged lower in today’s session as market sentiment remained subdued following last week’s rate hike by the US Federal Reserve. Ethereum was lower, falling below $1,300.
Bitcoin
Bitcoin (BTC) fell below $19,000 to start the week as market sentiment remained subdued following last week’s interest rate hike by the US Federal Reserve.
After consolidating over the weekend, BTC/USD fell to $18,696.47 on Monday, trading at a high of $19,274.87 in less than 24 hours.
Today’s decline will push Bitcoin closer to the $18,300 long-term support level.
As of writing, BTC has moved slightly off the mentioned low, and is currently trading at $18,942.88.
Bears look set to recapture this floor, and if that happens, we could see the world’s largest cryptocurrency trade at a three-month low.
For the sentiment to change, bulls need to move above the 44.00 ceiling on the 14-day Relative Strength Index (RSI).
Ethereum
Ethereum (ETH) was trading lower on Monday as the token continued to stay below the $1,300 level.
Following Sunday’s high of $1,330.44, ETH/USD fell to a low of $1,275.63 earlier today.
This move comes as the RSI fails to break above the key ceiling of 39.00, resulting in increased bearish pressure.
The 10-day (red) moving average continues to move lower compared to its 25-day (blue) counterpart, yet another bearish signal.
Bears seem to be targeting a floor of $1,215, and if they succeed in hitting this point, they may begin to slowly climb out of their positions.
As of writing, ETH is trading at $1,314.92, as bulls try to fight back with selling.
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