Bitcoin slipped to a ten-day low in today’s session, as the trial of Sam Bankman-Fried (SBF) continues. Caroline Ellison, the former CEO of Alameda Research, alleged that she committed fraud at the behest of SBF. Markets also declined ahead of the upcoming U.S. Producer Price Index, which is a key gauge of inflation.
Bitcoin
Bitcoin (BTC) moved lower for a fourth straight day, with many traders keeping one eye on the SBF proceedings.
Ellison stated that, “I sent balance sheets at the direction of Sam that made Alameda’s balances look less risky to investors.”
Following a high of $27,605.82 on Tuesday, BTC/USD dropped to an intraday low of $27,017.64 earlier in today’s session.
This plunge pushed the world’s largest cryptocurrency to its weakest point since the start of October.
Looking at the chart, the move resulted in bitcoin briefly falling below a floor at $27,100, prior to bulls reentering the market.
The relative strength index (RSI) also fell below a support point of its own at 53.00, and is currently tracking at 51.67.
BTC has since rebounded from its earlier low, and is currently trading at $27,292.17.
Ethereum
Ethereum (ETH) returned above a key support point of $1,565, after price broke out of this level earlier in the day.
ETH/USD edged to a low of $1,551.68 earlier in the day, before bouncing back and hitting its current price of $1,575.39.
Despite the rally, this remains lower than Tuesday’s peak at $1,587.56, and keeps ethereum near a one-month low.
As a result of the recent sell-off, the 10-day (red) moving average has now crossed with its 25-day (blue) counterpart.
Should this crossover continue to mature in a downtrend, there is a good chance that ETH will soon fall below $1,500.
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Could there be further downward pressure in ethereum this week? Leave your thoughts in the comments below.
