Cryptocurrency market update: Bitcoin slumps under $8,000, Ethereum defends $170 support
|- Bitcoin refreshes the lows under $8,000 after breaking from the falling wedge pattern.
- Ethereum tests $170 but bulls barricade the zone leading to a reversal above $172.
The crypto market is back in the red with the majority of cryptocurrencies erasing the progress made during the Asian period. Most analysts have remained bearish especially for Bitcoin and believe that a bottom is yet to found. This means that the downtrend momentum is likely to stay intact across the crypto market.
Bitcoin price updated
As reported, Bitcoin dived under $8,000, in turn, pulling the majority cryptocurrencies down with it. BTC/USD is trying to hold above $7,800 as a drop below the same level could refresh the lows around $7,300. The technical picture remains to be largely bearish especially with the RSI diving under 30. Moreover, the widening gap between the 50 SMA on the 4-hour chart and the 200 SMA suggests that a stronger bearish grip will take center stage.
BTC/USD 4-hour chart
Ethereum price update
Ethereum continues to explore how deep the rabbit hole goes within a descending channel. The declines on the day seem to have found support at $170. Ethereum has adjusted to $172 while the upside is limited by the 50 SMA on the 1-hour chart at $175 and the 100 SMA at $178.
ETH/USD 1-hour chart
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