• Bitcoin (BTC) fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets.
• Ethereum (ETH) also declined on Monday, however, it remained above $1,600.
• The 14-day relative strength index (RSI) broke out of a floor at 68.00 for both cryptocurrencies.
Bitcoin Technical Analysis
Bitcoin (BTC) started the week falling to a seven-day low, as market sentiment began to shift downwards. BTC/USD has now fallen lower for five straight sessions, with today’s decline taking prices to a bottom of $22,734.48. This drop sees bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500. The 14-day relative strength index (RSI) broke out of a floor at 68.00 and is now tracking at 61.15 – the lowest reading for the index in nearly a month following an extended streak in overbought territory.
Ethereum Technical Analysis
Ethereum (ETH) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline. Following a high of $1,665.26 on Sunday, ETH/USD dropped by as much as 2% in today’s session