Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies
Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100. Bitcoin
Bitcoin (BTC) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets.
BTC/USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54.
Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7. Bitcoin chart by TradingView
Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00.
At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching.
Should price strength continue to move towards this level, there is a good chance that BTC will move below a floor at $29,600. Ethereum
Ethereum (ETH) mostly consolidated to start the week, as price moved below the $2,100 mark on Monday.
Following a high of $2,137.45 on Sunday, ETH/USD dropped to a bottom of $2,076.18 earlier in today’s session.
Monday’s decline sees the world’s second largest cryptocurrency drop from a recent 11-month high. Ethereum chart by TradingView
Similar to bitcoin, this decline coincided with the 14-day RSI failing to break out of a ceiling, and in this instance it was at the 75.00 mark.
Despite this, ETH remains close to the $2,100 mark, helped by the fact the index is still above its floor at 69.00
If this point of support were to break, then bears would likely reenter the market.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, Cryptocurrency, Dollar, ETH, Ethereum, USD
Could ethereum fall below $2,000 this week? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday MARKET UPDATES | 8 hours ago Biggest Movers: ADA Price Climbs for Ninth Consecutive Day MARKET UPDATES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhaleportal Helps Unravel Market Sentiment and Predict Price Movements Using Key Metrics Next articleOKX and Manchester City Captain İlkay Gündoğan Launch Football Masterclass in the Metaverse 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 disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining