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.
Bitcoin
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.
Ethereum
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.
Similar to BTC, relative strength in ETH also fell to a multi-month low on Thursday, and is now trading below 25.
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.
