Following a weekend of bearish pressure, BTC’s price fell to its lowest level in over a month. ETH also neared a one-month low, which came as prices once again slipped below $3,000. Overall, the cryptocurrency market cap is down nearly 4% as of writing.
Bitcoin fell to a one-month low to start the week, as cryptocurrency prices continued to decline, following recent bearish pressure in the market.
Following a peak of $40,570.73 late on Sunday, BTC/USD dropped to a bottom of $38,696.19 during Monday’s session.
Today’s drop saw prices fall to their lowest point since March 15, and this comes as bears were able to break the recent $40,000 support level.
BTC/USD – Daily Chart
Since hitting the earlier low, BTC has since rallied, and is currently sitting at around $39,350, as bulls attempted to recapture earlier losses.
Looking at the chart, today’s drop pushed the 14-day RSI to its own floor of 38, which is within oversold territory.
Bulls will hope that this support in price strength holds, if not we may see further declines, with some bears looking to take BTC closer to $35,000.
In addition to BTC, the world’s second-largest crypto was also trading lower, with recent declines during Monday’s session.
ETH/USD fell for a second consecutive day, dropping to an intraday low of $2,893.91 to start this week’s action.
Monday’s drop saw ETH hit its lowest point in just over three weeks, taking price marginally below support of $2,950 in the process.
ETH/USD – Daily Chart
Similar to BTC, earlier losses have somewhat eased, as bears have likely taken some profits, whilst bulls also fight to maintain this floor.
As of writing, prices are now trading closer to support, despite the 14-day RSI falling below its own floor.
Price strength is currently tracking at 41, which is its lowest since early March, which could be a positive for bulls looking to buy this current weakness.
Will ETH fall to further lows as the week progresses, or rally to overcome the downward pressure? Leave your thoughts in the comments below.
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.
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