Bitcoin fell below $16,000 on Nov. 21 as the market continued to react to the news that the FTX contagion had affected yet another company. Hong Kong-based crypto ATM company Genesis Block has suspended operations in an effort to stabilize its liquidity pool. Ethereum also fell as the price fell below $1,200.
Bitcoin (Bitcoin) fell below $16,000 early in the week as volatility in the cryptocurrency market continued to rise.
Following Sunday’s high of $16,590.42, Bitcoin/USD fell to an intraday low of $15,943.14 today.
The move pushed the world’s largest cryptocurrency to its lowest point since Nov. 14, when the price fell below the critical $16,200 support point.
Looking at the chart Bitcoin Today’s session continues to trade below this support point, with the 14-day Relative Strength Index (RSI) also hovering near its own floor.
The index is currently hovering at the 32.79 level, just below the key support point of 33.00.
If this drop continues, Bitcoin bears could try to push the token closer to the $15,600 lower bound.
ethereum/USD fell to a low of $1,110.57, less than 24 hours after hitting a high of $1,183.43.
Today’s drop with the token down 4% includes: ethereum Lowest since November 10th.
The bears appear to be targeting the $1,100 lower bound, but traders have so far rejected this proposal and the token has bounced back and is currently trading at $1,120.26.
As can be seen on the chart, Monday’s price drop coincided with the RSI breaking the 37.75 floor and is now at 34.61.
The 10-day moving average (red) has shifted momentum again and the trendline suggests further declines are underway.
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Could Ethereum drop below $1,100 in the next few days? Leave your thoughts in the comments below.
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