Bitcoin, Ethereum Technical Analysis: BTC Falls to 5-Month Low – Markets and Prices Bitcoin News

The selloff in cryptocurrencies continued to start the week, with bitcoin falling to its lowest level since July.

Bitcoin, Bitcoin (Btc)

1/24/2022 9:32:00 PM

The selloff in cryptocurrencies continued to start the week, with bitcoin falling to its lowest level since July.

The selloff in cryptocurrencies continued to start the week, with bitcoin falling to its lowest level since July.

Bitcoin, which has been the main focus of the recent decline in crypto prices, was trading 3% lower on Monday (at the time of writing), and almost 20% down from its position at the same time last week.As of writing,BTC/USD hit an intraday low of $33,184.06 during today’s session, which is its lowest level since July 23rd last year. Today’s move comes as prices broke below the recent support level of $40,135 last Thursday and extended throughout the weekend.

Looking at the chart below,BTCappears to have found a new floor, reaching $34,200 on a daily chart. Although prices have moved beyond this interim support, some bulls argue that this could be a false breakout, pointing to the rally at the end of July as evidence for a potential reversal at this price range.

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Ethereum was also trading in the red, hitting multi-month lows in the process. This comes as the overall global market cap in cryptos was down close to 9% at the time of writing. Bitcoin , which has been the main focus of the recent decline in crypto prices, was trading 3% lower on Monday (at the time of writing), and almost 20% down from its position at the same time last week. As of writing, BTC /USD hit an intraday low of $33,184.06 during today’s session, which is its lowest level since July 23rd last year. Today’s move comes as prices broke below the recent support level of $40,135 last Thursday and extended throughout the weekend. Looking at the chart below, BTC appears to have found a new floor, reaching $34,200 on a daily chart. Although prices have moved beyond this interim support, some bulls argue that this could be a false breakout, pointing to the rally at the end of July as evidence for a potential reversal at this price range. The RSI also shows that price strength is below 30 (currently tracking at 22), which typically signifies a market being oversold. However, with the real bullish momentum appearing to come in above 30, we may be in for some further consolidation today. BTCUSD – Daily Chart