![BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday – Market Updates Bitcoin News 1 shutterstock 1973276057 1](https://static.news.bitcoin.com/wp-content/uploads/2023/02/shutterstock_1973276057-1.jpg)
Bitcoin fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets. Friday’s stronger than expected U.S. non-farm payrolls report has made some question the Federal Reserve’s view that inflation has peaked. Ethereum also declined on Monday, however, it remained above $1,600.
Bitcoin
Bitcoin (BTC) started the week falling to a seven-day low, as market sentiment began to shift downwards.
BTC/USD has now fallen lower for five straight sessions, with today’s decline taking prices to a bottom of $22,734.48.
This drop sees bitcoin hit its weakest point since January 30, when prices were trading at a floor of $22,500.
![Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday](https://static.news.bitcoin.com/wp-content/uploads/2023/02/btcusd_2023-02-06_12-18-36_d2189-1024x572.png)
Looking at the chart, the world’s largest cryptocurrency appears to be heading towards this point of support once again.
Recent declines in BTC have come as the 14-day relative strength index (RSI) broke out of a floor at 68.00. It is now tracking at 61.15.
This is the lowest reading for the index in nearly a month, and comes following an extended streak in overbought territory.
Ethereum
Ethereum (ETH) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline.
Following a high of $1,665.26 on Sunday, ETH/USD dropped by as much as 2% in today’s session, hitting a low of $1,616.30 in the process.
As a result of this sell-off, ethereum moved closer to its recent support level at $1,600. However, bulls have so far rejected a collision.
![Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday](https://static.news.bitcoin.com/wp-content/uploads/2023/02/ethusd_2023-02-06_12-18-56_f327b-1024x572.png)
This has been helped by the RSI, which has found its own floor at 58.00, providing a soft landing for previous bulls.
ETH has since rebounded from earlier losses, and at the time of writing, is trading at $1,630.55.
Should this RSI floor of 68.00 hold, ethereum bulls may attempt to make another move towards $1,700 as the week progresses.
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Image Credits: Shutterstock, Pixabay, Wiki Commons
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