Bitcoin continued to slide on Thursday, with the coin remaining near its lowest degree because the finish of November. Momentum in cryptocurrency markets has shifted in latest days, with sentiment at present bearish. Ethereum was additionally decrease, with the token dropping in direction of $1,200.
Bitcoin
Bitcoin (BTC) remained close to a one-week low on Thursday, as cryptocurrencies continued to commerce within the crimson.
BTC/USD slipped to a backside of $16,750.56 earlier within the day, lower than 24 hours after buying and selling at a excessive of $17,061.48.
The transfer noticed the world’s largest cryptocurrency transfer nearer to a latest help level of $16,700.
After failing to interrupt out of a ceiling on the 50.00 degree earlier within the week, the 14-day relative energy index (RSI) is now monitoring at 45.50.
Ought to value energy proceed to plummet, the subsequent seen level of help appears to be on the 43.00 mark.
Bears available in the market can be hoping that this ground isn’t solely hit, however damaged, which might set off a transfer beneath $16,000.
Ethereum
Like bitcoin, ethereum (ETH) additionally edged decrease in at this time’s session, with costs falling for a second straight day.
Following a excessive of $1,252.30 on Wednesday, ETH/USD dived to a low of $1,224.45 earlier within the day.
Right this moment’s drop in value pushed ethereum beneath a latest help level on the $1,230 degree, with costs hitting a nine-day low consequently.
Trying on the chart, the 10-day (crimson) transferring common stays excessive, which some see as a sign {that a} bullish reversal might nonetheless be on the playing cards.
Regardless of this, momentum appears bearish, with the RSI monitoring at 46.72, which is its lowest level since November 29.
The index now seems to be heading in direction of a help level on the 45.00 degree.
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