Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Bitcoin fell below $30,000 for the second time this week, however today’s plunge saw prices fall to their lowest level since December 2020. BTC hit a low around $26,000 on Thursday, whilst ETH moved below $2,000 for the first time in over a year.
Following a slight rally on Wednesday, BTC fell back into the red on Thursday, as crypto bears continued to run rampant on markets.
BTC/USD slipped to an intraday low of $26,350.49 earlier today, less than 24 hours after trading at a peak of $31,868.30.
Today’s bottom is the lowest level bitcoin has hit since December 2020, as markets went on to climb above $30,000 for the first time.
This latest wave of crypto bears comes as LUNA dropped even further over the last day, with the price now below $0.10.
USDT also lost its parity with the dollar today, leading to even more volatility in crypto markets, with traders running to liquidate their positions.
Looking at the chart, the 14-day RSI is now at 23, which is still close to a five-month low. However, bears could still attempt to push this towards a floor of 19.
ETH also fell during today’s slump, as bearish pressure pushed the world’s second-largest cryptocurrency below $2,000.
Following a peak of $2,421.12 during yesterday’s session, ETH/USD sank to an intraday low of $1,748.30 on Thursday.
As a result of this sell-off, the price is now down 18% today, hitting a bottom not seen since March last year.
Prices have since attempted to climb back above $2,000, with ETH now at $1,993.19, as some bulls attempted to create a stable floor around $1,930.
With prices being so oversold, bulls will likely remain keen on re-entering the market once a true floor is finally found.
Could we see ETH continue to slip, potentially towards $1,500? Leave your thoughts in the comments below.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.