Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000

Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000

Losses in cryptocurrency markets extended on Friday, with bitcoin falling to multi-week lows in the process. Ethereum was also lower during the session, whilst the global crypto market cap was down 3.70% as of writing. Bitcoin

Bitcoin was down for a third consecutive session, as recent bearish pressure continued to intensify on the world’s largest cryptocurrency.

Following a high of $43,327.99 on Thursday, BTC/USD fell below $40,000 during today’s session, and is down nearly 7% as of writing.

The move saw BTC hit an intraday low of $39,633 (as of writing), sending prices below its recent support of $41,765. BTC/USD – Daily Chart

This drop in price comes as market uncertainty continues to heighten, with the situation between Russia and Ukraine likely one of the main culprits.

Traders, which typically see BTC as a high-risk asset, have moved to gold instead, leading to prices of the “safe haven” currency climbing to multi-month highs.

BTC/USD however seems to have found an interim floor after today’s selloff, with the 14-day RSI also consolidating, after earlier weakness.

Ethereum

After barely remaining above the $3,000 level yesterday, the rug was truly pulled from the feet of ETH traders on Friday.

ETH/USD fell to an intraday low of $2,824.08 during today’s session, which is its lowest level since February 4.

The move came as prices of the world’s second largest cryptocurrency fell below support at $2,840. The asset, however, has since regained some of its footing. ETH/USD – Daily Chart

In addition to this, the 14-day RSI has moved further into oversold territory after this week’s declines, which has seen ETH lose 8% of its value.

As of writing, should the current support be broken, bears will likely look to push this toward the $2,500 point. Tags in this story Bitcoin, Ethereum, gold, Prices, Russia, Technical Analysis, Ukraine

Will this bearish pressure extend into the weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: SOL, LUNA and AVAX All Down on Friday MARKET UPDATES | 5 hours ago Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower MARKET UPDATES | 1 day ago

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