Bitcoin News and Finance
Bitcoin, Ethereum Technical Analysis: BTC Plunges Under $27,000, Hitting 7-Week Low Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Plunges Under $27,000, Hitting 7-Week Low

 

Bitcoin fell to a seven-week low on May 12, as prices dropped below the $27,000 level in today’s session. Friday’s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% as of writing. Ethereum also slipped to its weakest point since March.

Bitcoin

Bitcoin (BTC) dropped below the $27,000 level in today’s session, pushing prices to a seven-week low.

Following a high of $27,589.92 on Thursday, BTC/USD slipped to an intraday bottom at $26,166.87.

As a result of this drop, bitcoin fell to its lowest level since March 17, when price was below the $25,000 mark.

Bitcoin chart by TradingView

Overall, this latest sell-off coincided with the 14-day relative strength index (RSI) breaking out of yesterday’s floor of 43.00.

At the time of writing, price strength is tracking at 35.07, which is its lowest point in over two months.

Should momentum continue in this current trajectory, there is a possibility that BTC could move toward $25,000 this weekend.

Ethereum

In addition to BTC, ethereum (ETH) was also in the red on Friday, as bears continued to control market sentiment.

ETH/USD slipped to a low at $1,742.40 on Thursday, following an earlier peak of $1,835.62 the day prior.

Similar to bitcoin, today’s drop in price saw the world’s second largest cryptocurrency hit its lowest point since March.

Ethereum chart by TradingView

A major catalyst to the move was also a breakout on the RSI, which fell out of a support point at the 44.00 zone.

Currently, the index is at a reading of 39.04, which is its weakest level since March 11, when ETH traded below $1,500.

Ultimately, this could be a long-term positive for bulls, who may move to buy the current dip in price.

Register your email here to get weekly price analysis updates sent to your inbox:

What is behind today’s red wave? Leave your thoughts in the comments below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory