Bitcoin fell to its lowest level since December 2020 at the start of the trading week as crypto markets continue to tumble. ETH also fell significantly on Monday as prices fell over 16%, falling below $1,200 in the process.
Bitcoin fell to its lowest level since December 2020 on Monday as crypto markets plummeted earlier in the week.
Markets sold off over the weekend after an unexpected surge in US inflation, with price declines continuing into the new trading week.
BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, its lowest level in over sixteen months.
In total, prices have fallen for seven consecutive sessions, falling over 24% in that period.
The recent decline comes as BTC breached its long-term support point at $25,200, with some expecting prices to drop as low as $19,000.
As of this writing, the 14-day RSI stands at 27, but it looks like it could head for a floor of 24.50.
There was also some bloodshed on ETH on Monday as prices fell below $1,200 for the first time in over a year.
The world’s second-largest cryptocurrency plunged to an intraday low of $1,190.04 on Monday, down over 15%.
Monday’s drop saw Ethereum’s price hit its lowest level since January 2021, and also comes after seven straight daily declines.
As a result, prices have fallen over 35% in the past seven days, with the RSI recording its lowest level in over two years.
With price strength so oversold, there are hopes that prices could rally, however, some bears appear to be targeting the $1,100 point.
Overall, this latest sell-off comes after days of consolidation that ended on Friday after the release of US inflation data, which came in at 8.6%.
Will Crypto Prices Fall Further This Week? Leave your thoughts in the comments below.
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