Bitcoin extended its decline on March 9, with the price dropping to a multi-week low in today’s session. The drop came as cryptocurrency bank Silvergate confirmed it would wind down operations. Ethereum also fell.
Bitcoin (BTC) fell for the fourth consecutive session on Thursday, as markets reacted to news that Silvergate Bank was going to liquidate its operations.
After a high of $22,198.90 on Wednesday, BTC/USD dropped to an intraday low of $21,609.99 earlier in the day.
The drop in price pushed bitcoin to its lowest level since February 13, when it traded as low as $21,366.
Looking at the chart, this recent sell-off coincided with the 14-day relative strength index (RSI) dropping to its lowest point since November 28th.
As of this writing, the index is tracking at 36.86, which is marginally below its support point of 37.00.
Despite this, BTC is still above its minimum at $21,600, and if this area holds, there is a possibility that prices could rebound heading into the weekend.
Ethereum (ETH) also remained in the red in today’s session, posting a third consecutive drop in price.
The ETH/USD pair moved as low as $1,530.43 earlier in the day, which comes less than 24 hours after it hit a high of $1,563.41.
Similar to bitcoin, this drop sent the world’s second-largest cryptocurrency sliding to its weakest level since mid-February.
Overall, Ethereum is down nearly 7% in the past seven days, and this comes as the 10-day moving average (red) extends its crossover to its 25-day counterpart (blue).
As of this writing, the RSI is also tracking a multi-month low of 40.57, which was last recorded on December 19th.
If this trend continues, there is a strong possibility that ETH will drop to the $1,500 lows.
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