• Bitcoin (BTC) fell to its lowest point since February 13 following news that Silvergate Bank will be liquidating its operations.
• Ethereum (ETH) also dropped to its weakest level since mid-February, with the 10-day moving average crossing over its 25-day counterpart.
• The relative strength index (RSI) for both BTC and ETH fell to multi-month lows.
Bitcoin and Ethereum Technical Analysis
Bitcoin Drops to Fresh Multi-Week Low Following Silvergate Liquidation Announcement
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. 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 could potentially rebound heading into the weekend if this zone holds steady.
Ethereum Also Edges Lower
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 – less than 24 hours after hitting a high of $1,563.41 – thus slipping to its weakest level since mid-February when it traded at a bottom of $1,500 Overall, ethereum is down nearly 7% in the past seven days 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 lows at 40.57 which was last hit on December 19th . If this trend continues there is strong possibility that ETH could fall even further towards this floor or even lower towards key support levels around 1k USD area .
Biggest Movers: MATIC & SOL Fall To Lowest Point Since January
Amongst other Altcoins two biggest movers were Matic Network Token and Solana token which have fallen significantly over past few weeks and are currently trading near their lowest points since January 2021 . Matic Network Token peaked around 0 . 37 US dollars but has now fallen more than 42 percent since then while Solana token peaked around 35 US dollars but has now fallen by more than 33 percent since then . Both altcoins are currently trading near their respective all time lows so investors should exercise caution before investing in these tokens due to potential risks associated with them .
The crypto markets have been volatile lately due to news from Silvergate Bank and various altcoins experiencing significant losses within recent weeks . Bitcoin remains above its own floor at $21K however both BTC and ETH have seen declines resulting in their RSIs reaching multi month lows . Investors should monitor these developments closely as well as exercise caution when investing in certain altcoins as some have experienced significant losses recently .