The Cryptocurrency market saw a decrease in activity this week: After a brief rally, prices dropped to around $23,000 on Wednesday. As Global economic uncertainty weighed on investor sentiment, the movement of funds dropped across the board. Ethereum followed a jump of $1,700 in the prior session, slipping just as quickly.
Bitcoin
Bitcoin (BTC) dropped to its two-week low on Thursday, with prices dipping below $23,000 at one point.
The peak was $23,191.32. In the present session, the intraday low for BTC/USD was $22,458.26.
The decline sent Bitcoin to its lowest level since January 26 and triggered this point as prices fell below a key support level of $22,500.
As you can see in the chart, the selloff was caused by the 14-day RSI dropping to a one-month low after breaking below its own bottom.
The index currently stands at 56.50, only slightly lower than its current support level of 58.00.
From this bottom, bulls have stepped in to buy the dip. At the time of writing, BTC is trading for $22,701.04.
Ethereum
The market sentiment shifted bearish as ETH also saw a minor pullback.
The ETH/USD exchange rate has reached $1,615.06 at this point, lower than 24 hours after reaching a peak of $1,678.09.
Yesterday’s move saw the second-largest crypto market break through a $1,675 ceiling, but it couldn’t maintain its momentum.
