Bitcoin, Ethereum Technical Evaluation: BTC, ETH Hit Multi-Week Low, as Silvergate Uncertainty Spooks Markets

Bitcoin dropped to a two-week low on Friday, as crypto markets continued to react to the uncertainty surrounding Silvergate. The solvency of the financial institution has been put into query, with Binance, Coinbase and different exchanges shifting to halt transactions. Ethereum additionally edged decrease, falling under $1,600 within the course of.

Bitcoin

Bitcoin (BTC) plunged additional into the crimson on Friday, as markets reacted to fallout surrounding Silvergate.

The crypto financial institution just lately introduced that it wouldn’t be capable of file its annual report back to the Safety and Trade committee, while hinting at its “potential to proceed (working).”

BTC/USD slipped to an intraday low of $22,241.78 earlier within the day, lower than 24 hours after buying and selling at a excessive of $23,540.16.

On account of the transfer, bitcoin has now fallen to its weakest place since Valentines day, on February 14.

Nevertheless, as a substitute of a pool of roses, Friday’s crimson wave has washed by means of the markets, resulting in an enormous shift in value power.

On the time of writing, the relative power index (RSI) is monitoring at 42.91, which is its lowest level since January 1.

Ethereum

Along with bitcoin, ethereum (ETH) additionally considerably fell in in the present day’s session, dropping under the $1,600 mark.

Following a excessive of $1,652.43 on Thursday, ETH/USD moved to a backside at $1,553.85 earlier within the day.

At the moment’s drop has pushed the world’s second largest cryptocurrency to its weakest degree since February 15.

As projected earlier within the week, a transfer in direction of $1,550 was already on the playing cards, because the 10-day (crimson) shifting common neared a downwards cross with the 25-day (blue) shifting common.

The RSI has additionally contributed to the sell-off, with the index falling under a current assist level at 49.00.

At present, value power on ETH is at 44.51, which is marginally above the subsequent assist at 44.00.

Register your e mail right here to get weekly value evaluation updates despatched to your inbox:

Will the Silvergate fallout push crypto costs even decrease this weekend? Depart your ideas within the feedback under.