Ethereum moved below $1,600 on Jan. 25, with bears selling previously overbought cryptocurrencies. After days of uncertainty, sentiment shifted in crypto markets, with a red wave washing away recent bulls. Bitcoin also dropped below $23,000 as a result of today’s sell-off.
Bitcoin (BTC) fell below the $23,000 level on Wednesday, as a red wave swept through cryptocurrency markets.
Following a high of $23,048.18 on Tuesday, BTC/USD hit an intraday low of $22,406.08 earlier in today’s session.
As a result of today’s drop in price, bitcoin fell to its weakest point since Sunday, breaking out of a floor at $22,500 in the process.
Looking at the chart, the drop came as the 14-day relative strength index (RSI) fell to its lowest level since last Thursday.