Bitcoin, Ethereum Technical Analysis: BTC Falls Below $26,000, as SEC Sues Binance

Bitcoin plunged to its lowest point in over two months, as markets continue to react to the SEC versus Binance lawsuit. The Securities and Exchange Commission (SEC) is suing the crypto exchange for violation of U.S securities laws. Ethereum was also in the red, dropping below $1,800 in the process.

Bitcoin

Bitcoin (BTC) sank to a multi-month low on Tuesday, as markets reacted to the news that has been sued by the SEC.

BTC/USD dropped to a bottom at $25,445.17 earlier in today’s session, a day after trading at a high of $26,810.22.

This decline pushed bitcoin to its weakest point since March 17, when it was at a low of $24,946.

Looking at the chart, the drop in price coincided with the 14-day relative strength index (RSI) falling below a floor at 38.00.

At the time of writing, the index is tracking at 36.12, its weakest point since mid-March.

Despite a recent upwards crossover of moving averages (MA), the 10-day trendline has now firmly shifted direction.

Ethereum

Additionally, ethereum (ETH) was also a victim of the recent storm surrounding the market, with prices dropping below $1,800.

Following a high at $1,870.82 to start the week, ETH/USD slipped to an intraday low of $1,780.21 earlier today.

In comparison to BTC, the decline in ETH was relatively muted, with prices hitting a ten-day low.

Overall, ethereum is now down by 6% in the last seven days, while bitcoin has lost over 8% of its value within that same period.

On the other hand, ethereum’s RSI reading currently sits close to a support point at 42.00.

As a result, bulls have moved to buy the earlier dip, with ETH now trading at $1,814.38.

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Could there be a second wave of selling following this lawsuit? Leave your thoughts in the comments below.