Bitcoin falls below $16,000 amid increased market volatility

Bitcoin slipped below $16,000 on Nov. 21, as markets continued to react to news that the FTX contagion has hit another company. Hong Kong-based Genesis Block halted operations to stabilize its cash pool. Ethereum was also down, with prices remaining below $1,200.

Bitcoin

Bitcoin slipped below $16,000 to start the week, as volatility in the crypto-currency markets continues to rise.

After peaking at $16,590.42 on Sunday, BTC dropped to an intraday low of $15,943.14 earlier today.

The move pushed the world’s largest crypto-currency to its lowest point since Nov. 14, when prices fell below a key support point of $16,200.

Look at the chart, BTC continued to trade below this point of support during today’s session, with the 14-day relative strength index (RSI) also hovering near a floor of its own.

The index is currently at the 32.79 level, which is slightly below a key support point of 33.00.

If this decline continues, we will likely see bitcoin bears attempt to take the token to a lower low of $15,600.

Ethereum

Like Bitcoin, ethereum extended their recent declines, stumbling for a second consecutive session on Monday. Ethereum fell to a low of $1,110.57 to start the week, which comes less than 24 hours after hitting a high of $1,183.43.

Today’s drop, which saw the token fall 4%. ETH to its lowest point since November 10.

Bears appear to be targeting a floor of $1,100, but traders have so far rejected this as the token has rebounded, and is now trading at $1,120.26. As can be seen on the chart, Monday’s price decline coincided with the RSI breaking its own low at 37.75, and it is now at 34.61.

The momentum of the 10-day moving average (red) has once again changed, with the trend line suggesting that further declines may be in the works.