The cryptocurrency market saw a decrease in volatility and bearish sentiment Friday. This resulted in Bitcoin (BTC) and Ethereum (ETH) hitting multi-week lows. Following US Federal Reserve Chairman Jerome Powell’s comments and the possibility of continued fee increases, the market has seen an increase in recent days.
Bitcoin
Bitcoin (BTC) continued its recent declines on Friday, with prices falling below $22,000 for the first week in a few weeks.
BTC/USD dropped to $21,754.13 during the intraday. This is lower than 24 hours following the purchase and sale at $22,770.22.
This decline resulted in Bitcoin reaching its lowest level since 2008, when it hit $20,865 at the bottom on January 20.
The chart shows that the selloff occurred after the breakout of $22,500 resistance, which had been primarily holding agency since late January.
The 14-day Relative Strength Index (RSI) reached its highest point at the high, and has since dropped to its lowest level for over a month. After weeks of being in overbought territory the worth energy has begun to decrease. This might be a long-term positive for the bulls, who could set a new goal of $25,000.
Ethereum
Ethereum (ETH) also saw a drop Friday, with prices falling below $1,600.
ETH/USD dropped to $1,536.59 earlier in today’s trading session, following a high of $1,643.64 on Thursday.
The latest drop saw costs fall to their lowest level in late 2018, reaching $1,600.
