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BTC Falls as Global Economic Slowdown Heightens – Market Updates Bitcoin News

BTC Falls as Global Economic Slowdown Heightens – Market Updates Bitcoin News

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Bitcoin was once again in the red during Friday’s session, with the token once again trading below $19,000. The recent decline comes as the slowdown in the global economy has become more apparent. This week, both the Bank of England and the US Federal Reserve have moved to raise interest rates, and the Bank of Japan has also intervened in the foreign exchange market. Ethereum was also lower on Friday, falling below $1,300.

Bitcoin

Bitcoin (BTC) fell below $19,000 on Friday as financial markets continued to sell off while the global economic slowdown continued.

BTC/USD was closing in on three-month lows on Friday as the token fell to an intraday low of $18,859.75.

That’s because both the S&P 500 and gold hit recent lows in the last 24 hours after the US Federal Reserve raised interest rates.

Bitcoin, Ethereum Technical Analysis: BTC Falls As Global Economic Slowdown Intensifies
BTC/USD – Daily Chart

Looking at this chart, today’s decline comes as prices broke below the key price floor of $19,300, and the 14-day Relative Strength Index (RSI) also dipped below resistance.

At the time of writing, the index is tracking at 41.38, just below the notable 42.00 high.

The bears now look to move from this ceiling to the 37.50 floor, and if that happens, BTC will likely trade below $18,000.

Ethereum

Like bitcoin, today’s red wave also hit Ethereum (ETH), which dropped below $1,300 again.

The world’s second largest cryptocurrency fell to an intraday low of $1,258.71 during today’s session.

With this move, ETH/USD has moved closer to the $1,215 low reached earlier this week for the first time since July.

Bitcoin, Ethereum Technical Analysis: BTC Falls As Global Economic Slowdown Intensifies
ETH/USD – Daily Chart

As you can see on the chart, the 10-day (red) moving average has completely crossed its 25-day (blue) counterpart, a sign that further declines may be coming.

Currently, the RSI is tracking 37.58, which is in oversold territory, and could be positive for investors hoping for a slowdown in selling.

Overall, ETH is down nearly 12% over the past seven days.

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Could Ethereum Fall Below $1,000 This Month? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, he was previously a brokerage manager and retail trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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