Ethereum plunged below the $1,600 level to start the week, as global markets reacted to the escalating tensions in the Middle East. Crude oil prices rallied from a six-week low, climbing by over 4% overnight. Bitcoin gave up recent gains, as traders fled to more traditional safe-haven assets.
Bitcoin
Bitcoin (BTC) slipped for a second straight session on Monday, with traders retreating from high-risk assets, as tensions in the Middle East escalated.
Following a peak of $27,999.55 on Sunday, BTC/USD dropped to an intraday low of $27,445.89 earlier in the day.
Overall, bitcoin has been edging lower since Friday, after bulls failed to orchestrate a break out above a ceiling at $28,300.
Bitcoin chart by TradingView
Looking at the chart, it now appears that momentum has shifted bearish, with bitcoin heading for a support point at $27,000.
The 14-day relative strength index (RSI) has also been on the decline, moving away from its resistance of 60.00, and is now tracking at 54.35
A target
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