Bitcoin fell slightly at the start of the week as the token’s price fell four times in a row. The world’s largest cryptocurrency is suffering from increased market volatility after hitting its six-week high last Saturday, surpassing $24,000. Ethereum was also in the red on Monday.
Bitcoin (BTC) traded in the red at the start of the week as the market fell for the fourth time in a row on Monday.
Following last Saturday’s peak of $24,678 when BTC/USD reached its highest level since June 13, the token fell in consecutive sessions.
This latest drop saw Bitcoin bottom out at $22,994.61 earlier in the day, cementing five-day lows in the process.
Bearish sentiment seems to have started after a breakout attempt in which the bulls failed to sustain the price above $24,400.
This is because price strength reached its own ceiling at 62 via the 14-day Relative Strength Index (RSI), which is likely the main reason for the recent decline.
The RSI is currently tracking 56 but appears to be moving towards the 54 lower bound. If this happens, the price could drop close to $21,000.
In addition to Bitcoin, Ethereum (ETH) also fell for a fourth day in a row.
After hitting a high of $1,745.88 on Sunday, ETH/USD fell to an intraday low of $1,650.42 early in today’s session.
After almost a week of lows, the price now appears to be moving towards the support point at $1,620.
Similar to Bitcoin, the ETH chart’s 14-day RSI has recently been at a resistance point before triggering this latest bearish downtrend.
At the time of writing, the Relative Strength Index tracks 62.35 following a recent breakout of 63 floors.
If the bearish pressure continues, the indicator’s next lower bound appears to be the 58 level. This could be the point traders are currently targeting.
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