Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process.
Bitcoin
Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week.
Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week.
BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, which is its lowest point in over sixteen months.
Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame.
The most recent drop comes as BTC moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000.
As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50.