Bitcoin, Ethereum Technical Analysis: As bears regain market sentiment, BTC approaches its 10-day low

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On Thursday, Bitcoin lost more ground, and it is now close to reaching its lowest point since the end of November. Market momentum for cryptocurrencies has changed recently, and sentiment is now bearish. Additionally, Ethereum declined, with the token falling toward $1,200.

Bitcoin 

As cryptocurrencies continued to trade in the red on Thursday, Bitcoin (BTC) remained close to a one-week low.

Earlier in the day, less than 24 hours after trading at a high of $17,061.48, BTC/USD fell to a low of $16,750.56.

The move saw the biggest cryptocurrency in the world get a little bit closer to a recent support level of $16,700.

btcusd 2022 12 08 06 41 36 f7b6f 768x424 1

BTC/USD – Daily Chart

The 14-day relative strength index (RSI), which failed to breach a ceiling at the 50.00 level earlier in the week, is currently tracking at 45.50.

The 43.00 level appears to be the next obvious point of support should price strength continue to decline.

Market bears will be hoping that this support level is not only reached but also broken, as this would indicate a possible decline to $16,000.

Ethereum
Ethereum (ETH) prices dropped for a second straight day in today’s session, following in the footsteps of bitcoin.

ETH/USD fell to a low of $1,224.45 earlier in the day after reaching a high of $1,252.30 on Wednesday.

Due to today’s price decline, ethereum prices fell below a recent support level at $1,230, reaching a nine-day low.

ethusd 2022 12 08 06 41 30 29822 768x424 1

ETH/USD – Daily Chart

On the chart, the 10-day (red) moving average is still at a high level, which some people interpret as a sign that a bullish reversal may still be imminent.

In spite of this, momentum appears to be moving in a downward direction, with the RSI tracking at 46.72, its lowest level since November 29.

The index now seems to be moving in the direction of a support level at the 45.00 level.

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