Bitcoin, Ethereum Technical Analysis: BTC Moves to Fresh Multi-Week Low Following Silvergate Liquidation Announcement
Bitcoin continued to trade lower on March 9, as prices fell to a fresh multi-week low in today’s session. The decline came as crypto bank Silvergate confirmed that it will be winding down operations. Ethereum also edged lower.
Bitcoin (BTC) fell for a fourth straight session on Thursday, as markets reacted to news that Silvergate Bank will be liquidating its operations.
Following a high of $22,198.90 on Wednesday, BTC/USD slipped to an intraday low of $21,609.99 earlier today.
The decline in price pushed bitcoin to its lowest point since February 13, when it traded at a bottom of $21,366.
BTC/USD – Daily Chart
Looking at the chart, this latest sell-off coincided with the 14-day relative strength index (RSI) falling to its lowest point since November 28.
As of writing, the index is tracking at 36.86, which is marginally below its support point at 37.00.
Despite this, BTC remains above its own floor at $21,600, and should this zone hold steady, there is a chance prices could rebound heading into the weekend.
Ethereum (ETH) also remained in the red in today’s session, registering a third consecutive drop in price.
ETH/USD moved to a low of $1,530.43 earlier in the day, which comes less than 24 hours after hitting a high of $1,563.41.
Similar to bitcoin, this drop resulted in the world’s second largest cryptocurrency slipping to its weakest level since mid-February.
ETH/USD – Daily Chart
Overall, ethereum is down nearly 7% in the past seven days, and this comes as the 10-day (red) moving average extended a crossover of its 25-day (blue) counterpart.
As of writing, the RSI is also tracking at a multi-month low at 40.57, which was last hit on December 19.
Should this trend continue, there is a strong possibility that ETH could fall to a floor at $1,500.
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Is there a possibility that ethereum could rebound this week? Leave your thoughts in the comments below.
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