Bitcoin extended recent declines on Thursday, as the cryptocurrency moved towards a two-month low. Bearish sentiment increased following the latest Federal Open Market Committee (FOMC) minutes, where the Federal Reserve hinted at further rate hikes. Ethereum fell below $1,800 today.
Bitcoin (BTC) neared a two-month low during today’s session, as traders continued to react to the latest FOMC minutes report.
Following a high of $29,192.26 on hump-day, BTC/USD dropped to an intraday low of $28,376.50 earlier in the day.
This was the weakest point that bitcoin had fallen to since June 21, when it was at a low of $28,271.
The drop comes as a recent upwards crossover between the 10-day (red) and 25-day (blue) moving averages has reversed course.
Additionally, the relative strength index (RSI) has plunged deeper into oversold territory, and is now tracking at 35.05.
This is its lowest level since March, and should momentum continue to fall, price could end up at a floor of $27,600.
Bearish sentiment was also high in ethereum (ETH), which fell to a multi-month low of its own on Thursday.
ETH/USD bottomed out at $1,783.05 on Thursday, less than 24 hours after trading at a high of $1,826.82.
As a result of this sell-off, ethereum slipped to its lowest point since June 20, when it almost moved under the $1,700 mark.
Ethereum’s RSI is also currently hovering in bear territory, with a reading at 33.67, and appears to be angling to reach a floor at 30.00.
Should it reach this point, ethereum will likely be trading around a long-term support point of $1,750.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind today’s increase in bearish sentiment? Leave your thoughts in the comments below.