Bitcoin fell to a seven-week low on May 12, with prices dropping below the $27,000 level in today’s session. Friday’s drop came as a wave of red swept the cryptocurrency, with the market cap down 2.75% as of writing. Ethereum also fell to its weakest point since March.
bitcoin
bitcoin (BTC) fell below the $27,000 level in today’s session, pushing prices to their lowest level in seven weeks.
After a spike of $27,589.92 on Thursday, BTCUSD/USD fell to an intraday low of $26,166.87.
As a result of this decline, Bitcoin fell to its lowest level since March 17, when the price was below the $25,000 mark.
In general, the recent sell-off coincided with the 14-day relative strength index (RSI) breaching yesterday’s low of 43.00.
At the time of writing, price strength is tracking at 35.07, its lowest point in more than two months.
If the momentum continues in this current trajectory, then there is potential BTC It could move towards $25,000 this weekend.
Ethereum
In addition to BTCethereum (ETH) was also in the red on Friday, as bears continued to dominate market sentiment.
ETHUSD/USD fell to as low as $1,742.40 on Thursday, after an earlier peak of $1,835.62 the day before.
Similar to Bitcoin, today’s price drop saw the world’s second-largest cryptocurrency reach its lowest level since March.
The main catalyst for this move was also the breakout of the RSI which fell from a support point at 44.00.
Currently, the index is at a reading of 39.04, which is its weakest level since March 11, when ETH Trade under $1,500.
Ultimately, this could be a long-term positive for the bulls, who may move to buy the current dip in price.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind the red wave today? Put your thoughts in the comments below.
Image credits: shutterstock, pixabay, wikicommons
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 It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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.