Ethereum extended its recent declines to start the week, as the token briefly fell below a key support point in today’s session. This Monday sees the majority of the top 100 crypto-currencies in the red, with a 1.61% drop in global market capitalization at the time of writing. Bitcoin also slipped, falling below $21,000 once again.
Bitcoin plunges below 21,000 dollars
Bitcoin started the week in the red, with prices for the token falling following a mini-rally over the weekend.
Less than 24 hours after hitting a high of $21,668.85, BTC slipped to an intraday low of $20,939.18 earlier in the day.
The decline led bitcoin to close in on its recent $20,800 support point, which it last reached on Saturday, but bulls have so far resisted a similar event today.
Looking at the chart, the previous bearish momentum has eased somewhat, and at the time of writing, the token is trading at $21,251.86. Overall, BTC has fallen for seven of the last nine sessions, resulting in a downward crossover between the 10-day moving average (MA) (red) and the 25-day MA (blue).
Although the $20,800 floor has so far remained firm, if the bearish pressure intensifies, we will likely see BTC move below $20,000.
Ethereum at its worst
Bearish sentiment was also present on ethereum, as the world’s second largest crypto-currency continued to trade below $1,600.
ETH, which hit a high of $1,640.94 on Sunday, fell in today’s session, dropping to a low of $1,535.01.
Monday’s drop sees Ethereum near its lowest level since July 27, when prices fell below $1,500.
Today’s selling comes as the 14-day relative strength index has fallen back below its low at 43.00. Currently, the index is at 41.90, which is its weakest level since July 12, when the 14-day relative strength index reached its highest level. ETH was trading at $1,065.
Unlike BTC, the moving averages have not yet crossed, but are currently at their closest proximity since mid-July.