Cryptocurrencies fell sharply during the start of Euro trading hours, with the total crypto market cap losing 3% to bottom at $1.049 trillion.
Bitcoin fell 6% to the downside, losing $22,000 in the process. The swing dropped as low as $21,400, marking a three-week low for the market leader. A slight rally followed, with BTC priced at briefly regaining $22,000.
The Relative Strength Index (RSI) plunged to 38.53, a level not seen since July 12. At writing, further sell pressure is mounting, with an imminent retest of $21,400 support looking likely.
No new fundamental developments have transpired during this time, making the reason for the drop unclear.
Article context
Mentioned in this article
Editorial credits
