Bitcoin moved below the $26,000 level to start the weekend, as bearish pressure intensified following a week of turbulence. Sentiment in the market once again shifted, as traders liquidated their positions on the back of the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto. ETH dropped below $1,800.
Bitcoin
Bitcoin (BTC) started the weekend trading below $26,000, as traders continued to react to the fallout of the SEC’s cryptocurrency crackdown.
The latest domino to fall came in the form of Robinhood, who moved to delist several altcoins from its platform, including solana and cardano.
BTC/USD fell to an intraday low of $25,502 in the news, which comes a day after price peaked at $26,770.
Looking at the chart, the latest downturn came as the 14-day relative strength index (RSI) fell towards a floor at 39.00
At the time of writing, the index is tracking marginally above this point at 40.06.
In addition to this, the 10-day (red) moving average has extended its downward cross versus its 25-day (blue) counterpart, putting further emphasis on the current bearish sentiment.
Ethereum
Bears were also present in ethereum (ETH), which dropped below the $1,800 level to start the weekend.
After climbing to a peak of $1,861.14 on Friday, ETH/USD slipped to a bottom of $1,721 earlier in today’s session.
The move saw ethereum plunge to its weakest point since late April, breaking out of a floor at $1,730 in the process.
As a result of this shift in market momentum, the RSI also tailed off, dropping to its lowest level since March.
The index is currently at a reading below 40.00, which is close to oversold territory, and could act as a slight positive for bulls.
In the event price becomes more oversold, there is a good chance that longer term bulls could move to buy the dip.
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