Fun

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $30,000, Is 55% Below Its Record High

News Feed - 2022-05-11 12:05:43

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $30,000, Is 55% Below Its Record High


Bitcoin plunged below $30,000 for the first time in eleven months, as bears continued to run rampant in crypto markets. This move came as Luna Foundation Guard was said to be liquidating close to $1.5 billion worth of BTC. Ethereum also fell to multi-month lows, as prices hovered slightly above $2,200. Bitcoin


Bitcoin fell for a seventh consecutive session, as markets reacted to the news that the Luna Foundation Guard was to deploy $1.5 billion of BTC, as it hoped to regain its $1 UST peg.


The latest decline in BTC/USD saw prices hit an intraday low of $29,944.80 earlier in today’s session, following a peak of $33,312.81 on Monday.


Today’s bottom is the lowest level prices have traded since June 2021, and comes as an increase of bearish pressure led to the $31,625 support point being broken. BTC/USD – Daily Chart


Overall, BTC is now trading around 55% lower than its record high in November, with some optimistic that the worst of the selloff has passed.


Looking at the chart, the 14-day RSI is now tracking off the charts at a level of 32, which is close to its lowest level since February.


It is still unclear if we have hit a floor, with $29,500 a potential candidate for price support following the recent drop in value.


Should this be the case, we will likely see a period of consolidation prior to any significant bullish rebounds.


Ethereum


The world’s second-largest cryptocurrency also fell during today’s session, dropping below $2,300 for the first time since January.


ETH/USD hit an intraday low of $2,206.76 earlier on Tuesday, which is its lowest level since January 24, when prices went on to hit a floor of $2,150.


This latest drop comes as yesterday’s support point of $2,350 gave way, following a six-day losing streak. ETH/USD – Daily Chart


As of writing, the 14-day Relative Strength Index is reading off the charts, close to a three-month bottom.


Typically, with prices so oversold, traders would likely look at this as an opportunity to buy the dip, however as markets continue to reassess risk assets following the Fed’s rate decision, this may not be the case immediately.


Overall, crypto markets are down by 2.70% as of writing. Tags in this story Analysis, Bitcoin, BTC, ETH, LUNA, UST


Do you believe ETH could go below $2,000 this week? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue MARKET UPDATES | 6 hours ago Biggest Movers: DOT, ADA, SHIB Down More Than 10%, as WAVES Rallies on Monday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUST Rebounds From $0.66 per Coin to $0.93, Crypto Community Assesses Stablecoin’s Damaged Reputation Next articleBitcoin Cash to Include Bigger Integers and Native Introspection in Upcoming Upgrade Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Marc Cuban wallet dumps NFTs, market volume drops 45%: Nifty Newsletter
Ezra Reguerra4 hours agoMarc Cuban wallet dumps NFTs, market volume drops 45%: Nifty NewsletterMarc Cuban has offloaded some NFTs, while overall NFT sales volume dropped by 45% in Q2.2210 Total views2 Total sharesListen
Is Toncoin Price Set For A Swift Return To $5? The TD Sequential Suggests So
Este artículo también está disponible en español. Toncoin (TON) has undoubtedly been one of the best performers in the cryptocurrency market in 2024, enjoying a meteoric
Tomer Warschauer Nuni11 hours agoGenerative AI will disrupt blockchain too: Here’s howArtificial intelligence isn’t just generating lots of content these days, but equally, lots of excitement too.1382 Total views3 To
Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend
Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip.
Crypto firms contributed 48% of all corporate political donations in 2024: Report
Turner Wright5 hours agoCrypto firms contributed 48% of all corporate political donations in 2024: ReportSplits in the US House and Senate coupled with many expected tight elections could allow crypto interest groups to
Shariah Council Permits Cryptocurrency Investing and Trading
Shariah Council Permits Cryptocurrency Investing and TradingThe Shariah Advisory Council of Malaysia’s securities commission has advised that it is permissible to invest and t
Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance
Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance The list of regulators warning that Binance is illegally operating in their jurisdictions continues
Onchain Researchers Discover $63M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major Exchanges
Onchain Researchers Discover $63M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major Exchanges On Jan. 15, 2023, onchain researchers discovered
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend Bitcoin started the weekend trading above $17,000, as traders prepare for next week’s U.S. Fe
Mastercard and Coinbase Partner to Make NFTs More Accessible to Everyone
Mastercard and Coinbase Partner to Make NFTs More Accessible to Everyone Payments giant Mastercard has partnered with cryptocurrency exchange Coinbase to make non-fungible tokens (
OKX launches Ethereum layer-2 network for lower fees & interoperability
Gareth Jenkinson7 hours agoOKX launches Ethereum layer-2 network for lower fees & interoperabilityOKX becomes the latest cryptocurrency exchange to launch an Ethereum-based layer 2 network.1543 Total views2 Total sha
Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022
Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022 This week the bitcoin mining company Genesis Digital Assets announced that the firm ha