Cryptocurrency markets were trading lower for a second consecutive session, leaving bitcoin and ethereum both in the red. Overall, the crypto market cap was nearly 2% lower as of writing.
Bitcoin bulls were nowhere to be found on Thursday, as bearish pressure continued to dominate recent market sentiment.
Following a high of $44,309.03 on Wednesday, BTC/USD fell below $43,000 during today’s session, and is down by over 3% as of writing.
The move saw BTC hit an intraday low of $42,685.75, sending prices closer to recent support at $41,765.
This drop in price comes as the Relative Strength Index (RSI) of 14-days fell below its floor of 56, and is currently tracking at 53.10.
In addition to the decline in price strength, the shorter term moving average of 10-days (red), is trending downward for the first time since January 30.
Despite BTC being down 3.33% in the last seven days, history shows us that the closer we get to support, bulls will likely be waiting to buy the dip.
Following a battle to remain over the $3,000 level on Wednesday, ETH struggled to stay above water during today’s session.
ETH/USD fell to an intraday low of $2,987 on Thursday, following a breakout of its long-term support at $3,022.
Although prices have since moved back above $3,000, this was a sign to bears that there could yet be further declines.
Many are looking at the $2,840 floor as the next price target, should the current bearish pressure persist
Looking at the RSI, price strength remains near the floor of 51, despite a marginal breakout, which could be a good sign to bulls anticipating a reversal.
How long will this bearish pressure last? Leave your thoughts in the comments below.