By Eliman Dambell
Bitcoin fell to a six-day low to start the week, as the token moved closer to the $16,000 level. The drop sees prices fall for a fifth straight session, with overall sentiment in the cryptocurrency market turning bearish. Ethereum was once again trading below $1,200, after trading above this point in recent days.
Bitcoin (BTC) fell for a fifth straight session on Monday, as the token moved closer to a breakout below $16,000.
BTC/USD slipped to an intraday low of $16,086.36 to start the week, which comes less than 24 hours after hitting a peak of $16,594.41.
As a result of today’s drop, bitcoin moved to its lowest point since last Tuesday, November 22, when price was at a low of $15,613.
Looking at the chart, Monday’s sell-off intensified once a breakout on the relative strength index (RSI) occurred.
The index, which is currently tracking at 36.89, moved below a recent support point of 38.00, and looks to be heading for a lower floor at 35.50.
Should price strength reach its perceived destination, This will likely lead to BTC falling below $16,000.
In addition to BTC, ethereum (ETH) also moved lower to start the week, with prices once again moving under $1,200.
Following a high of $1,218.51 on Sunday, the world’s second largest cryptocurrency dropped to a low of $1,162.19 earlier today.
The decline pushed ETH/USD below a key support point of $1,180, and came as the RSI failed to break out of a long-term resistance level.
As can be seen from the chart, price strength was unable to fully move beyond a ceiling of 43.00, and is currently tracking at 40.62.
In addition to this, the 10-day (red) moving average has shifted direction, with momentum once again downward facing.
Overall, a target of $1,070 appeared to be a likely destination for bears, should momentum continue to decline.
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Source: Bitcoin News