/USD slipped to an intraday low of $18,390.32 earlier in the day, which comes following a breakout of a floor at $18,645.
The drop saw bitcoin hit its weakest point since June 18, which was the last time this support level was also broken.Many believe the decline comes ahead of this week’s U.S. Federal Open Market Committee meeting, where it is expected that interest rates will be hiked. Looking at the chart, Monday’s sell-off comes as the 14-day relative strength index fell below a floor of its own at 41.30.
As of writing, the token is trading below 38.00, and is currently in oversold territory, which could be a positive for those anticipating an eventual turnaround.However, since then, prices have dropped considerably, with today’s decline taking the token to a low of $1,287.42. This comes less than a week after the world’s second largest cryptocurrency was trading above $1,700.
But Uptober is coming. Hold USDT handy to be ready for more dips.
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Source: MarketWatch - 🏆 3. / 97 Read more »