Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens

Bitcoin dropped to a two-week low on Feb. 9, with prices falling below the $23,000 mark after a brief rally on Wednesday. Cryptocurrencies moved lower across the board, as uncertainty surrounding the state of the global economy impacted investor confidence. Ethereum also slipped, following a move towards $1,700 during yesterday’s session.

Bitcoin

Bitcoin (BTC) slipped to a two-week low on Thursday, with prices falling below $23,000 in the process.

Following a high of $23,191.32 on hump-day, BTC/USD plunged to an intraday low of $22,458.26 in today’s session.

The decline sent bitcoin to its lowest level since January 26, and came as prices broke out of a key support point at $22,500.

As can be seen from the chart, the sell-off came as the 14-day relative strength index (RSI) fell to a one-month low, after moving below a floor of its own.

The index is currently tracking at 56.50, which is marginally under its recent support level at the 58.00 mark.

Since this bottom, bulls have moved to buy the dip, with BTC now trading at $22,701.04, as of writing.

Ethereum

Ethereum (ETH) also saw a slight resurgence snapped, with market sentiment shifting in a bearish direction.

ETH/USD has bottomed at $1,615.06 so far on Thursday, which comes less than 24 hours after reaching a high of $1,678.09.

Yesterday’s move saw the world’s second largest cryptocurrency break out of a ceiling at $1,675, however it was unable to sustain this momentum.

Looking at the chart, bears seem to be targeting a floor at $1,600 for ETH, however all advances to this point have so far been rejected.

This comes as the RSI appears to have found a relatively stable floor at the 57.00 mark, which has given confidence to nervous bulls.

At the time of writing, ethereum has rebounded from earlier lows, and is currently trading at $1,632.90.

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What is behind today’s shift in market momentum? Leave your thoughts in the comments below.