Bitcoin has been falling all week, however today’s drop, Ethereum was also in the red, with the token falling below $1,700 for the first time in nearly ten days.
Bitcoin fell for a seventh straight session Friday as the token broke a key price floor earlier in the day….
On Friday, BTC fell to an intraday low of $21,718.54, which saw the token fall below its recent support point at $22,600.
The move saw the world’s largest crypto-currency hit its lowest point since July 27, and near a new low of $21,150 in the process.
As can be seen on the chart, the decline coincided with the 14-day Relative Strength Index (RSI) falling below its own low at 46.
Currently, the index sits at 37.87, which is not only in oversold territory, but also the lowest point the RSI has touched in over a month.
Despite already being oversold, it appears that the bears are trying to recapture the 34.95 low, which will lead to a decline in the index. BTC could fall below $21,000.
Ethereum also dropped significantly during today’s session, with prices falling below $1,700.
It dropped to a low of $1,695.15 earlier in the session as a red wave swept through the crypto-currency markets.
This is ETH’s lowest level since August 10, when prices hit a low of $1,705.
Today’s move saw the token move marginally below this support level, while the RSI also dropped below a key floor.
Ethereum’s relative strength stands at 47, which, like bitcoin, is the weakest point since mid-July.
Should this downtrend continue, it is likely that bears will look to take prices to a lower price floor of $1,600.