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Bitcoin, Ethereum Technical Analysis: BTC, ETH Enter August Trading Below $24,000 and $1,700 Respectively – Market Updates Bitcoin News

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BTC begins August below $24,000, ETH falls under $1,700.

) was trading in the red to start the week, as markets fell for a fourth consecutive session on Monday./USD hit its highest level since June 13, the token has fallen in back-to-back sessions.

This latest decline saw bitcoin hit a bottom of $22,994.61 earlier in the day, cementing a five-day low in the process.Bearish sentiment appears to have begun following the breakout attempt, where bulls were unsuccessful in keeping prices above $24,400. This comes as price strength hit a ceiling of its own at 62 via the 14-day relative strength index , which seems to be the primary reason behind the recent decline.

The RSI is now tracking at 56, but looks to be moving towards a floor of 54, and should this happen, we could see prices fall near $21,000.

 

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