Bitcoin fell below $30,000 for the second time this week, however today’s plunge saw prices fall to their lowest level since December 2020. BTC hit a low around $26,000 on Thursday, whilst ETH moved below $2,000 for the first time in over a year.
Bitcoin
Following a slight rally on Wednesday, BTC fell back into the red on Thursday, as crypto bears continued to run rampant on markets.
BTC/USD slipped to an intraday low of $26,350.49 earlier today, less than 24 hours after trading at a peak of $31,868.30.
Today’s bottom is the lowest level bitcoin has hit since December 2020, as markets went on to climb above $30,000 for the first time.
This latest wave of crypto bears comes as LUNA dropped even further over the last day, with the price now below $0.10.
USDT also lost its parity with the dollar today, leading to even more volatility in crypto markets, with traders running to liquidate their positions.
Looking at the chart, the 14-day RSI is now at 23, which is still close to a five-month low. However, bears could still attempt to push this towards a floor of 19.
Ethereum
ETH also fell during today’s slump, as bearish pressure pushed the world’s second-largest cryptocurrency below $2,000.
Following a peak of $2,421.12 during yesterday’s session, ETH/USD sank to an intraday low of $1,748.30 on Thursday.
As a result of this sell-off, the price is now down 18% today, hitting a bottom not seen since March last year.
Prices have since attempted to climb back above $2,000, with ETH now at $1,993.19, as some bulls attempted to create a stable floor around $1,930.
Similar to BTC, relative strength in ETH also fell to a multi-month low on Thursday, and is now trading below 25.
With prices being so oversold, bulls will likely remain keen on re-entering the market once a true floor is finally found.
Could we see ETH continue to slip, potentially towards $1,500? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer
Ecosystem
Research
News Network
About