Bitcoin, Ethereum Technical Analysis: BTC Slips to Its Lowest Point Since December 2020

Bitcoin fell below $30,000 for the second time this week, however today’s plunge saw prices fall to their lowest level since December 2020. BTC hit a low around $26,000 on Thursday, whilst ETH moved below $2,000 for the first time in over a year.

Bitcoin

Following a slight rally on Wednesday, BTC fell back into the red on Thursday, as crypto bears continued to run rampant on markets.

BTC/USD slipped to an intraday low of $26,350.49 earlier today, less than 24 hours after trading at a peak of $31,868.30.

Today’s bottom is the lowest level bitcoin has hit since December 2020, as markets went on to climb above $30,000 for the first time.

This latest wave of crypto bears comes as LUNA dropped even further over the last day, with the price now below $0.10.

USDT also lost its parity with the dollar today, leading to even more volatility in crypto markets, with traders running to liquidate their positions.

Looking at the chart, the 14-day RSI is now at 23, which is still close to a five-month low. However, bears could still attempt to push this towards a floor of 19.

Ethereum

ETH also fell during today’s slump, as bearish pressure pushed the world’s second-largest cryptocurrency below $2,000.

Following a peak of $2,421.12 during yesterday’s session, ETH/USD sank to an intraday low of $1,748.30 on Thursday.

As a result of this sell-off, the price is now down 18% today, hitting a bottom not seen since March last year.

Prices have since attempted to climb back above $2,000, with ETH now at $1,993.19, as some bulls attempted to create a stable floor around $1,930.

Similar to BTC, relative strength in ETH also fell to a multi-month low on Thursday, and is now trading below 25.

With prices being so oversold, bulls will likely remain keen on re-entering the market once a true floor is finally found.