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BTC dropped below $20,000 Tuesday due to volatility in financial markets continuing to peak at current inflation levels. The euro dropped to its lowest level in twenty years against the U.S. Dollar.

This dollar strength may be having an impact on crypto prices. ETH also fell below $1,100.

Bitcoin
As markets responded to bearish pressure, Bitcoin fell below $20,000 on Tuesday.

The world’s biggest crypto token dropped to $19,613.95 earlier today. This is approximately $1,000 less than yesterday’s peak of $20,664.82.

The most recent drop in USD/USD trading is the fourth consecutive session. Traders are aiming for a key price floor.

The chart shows that this support level is at $18,845, which could be reached if relative strength continues to subside.

Today’s price decline pushed the RSI to below its floor of 37.40. It now appears that it will be heading towards a lower level at 31.

If this happens, BTC trading could be in the area of $18,000. It could also fall below that point.

Ethereum
ETH prices fell to their lowest level in over a week, continuing a losing streak.

As of Tuesday’s writing, ETH/USD had fallen to $1,056.05 which was its lowest level since July 4, in the U.S. Independence Day celebrations.

Ethereum has lost over $100 over the last 24-hours. This is a major decline that sent prices close to a long-term support level.

The chart shows that the $1,050 floor has been in place for the past month and is one of last defenses against prices falling below $1,000.

Similar to bitcoin, the RSI of the ETH charts has fallen below a support level, which could signal upcoming downwards pressure.

The new floor for price strength is 35.85. This floor is already well above the market. We may see prices drop further if this floor is broken.

The post Markets are Reacting to the Increased Strength of the Dollar – Bitcoin, Ethereum Update first appeared on The Daily Encrypt.



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Angie Byrd