Bitcoin, Ethereum Technical Analysis: BTC Moves Below $27,000, Following CFTC Suit Against Binance
Bitcoin moved below $27,000 during Tuesday’s session, as the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance. The suit claims that Binance knowingly offered unregistered crypto products to U.S. customers. Ethereum was also lower on the news, briefly falling below $1,700.
Bitcoin (BTC) fell below $27,000 in today’s session, as markets reacted to the news that the CFTC had filed a lawsuit against Binance.
BTC/USD fell to an intraday low of $26,606.69 on the news, which comes a day after trading at a peak of $27,979.07.
As a result of today’s sell-off, the world’s largest cryptocurrency fell to its lowest level since March 17.
Looking at the chart, this drop comes after a recent floor at the $27,100 mark was broken, which coincided with the relative strength index (RSI) also experiencing a breakout.
As of writing, the index is now tracking at the 58.51 level, which is marginally below its support at 60.00.
Overall, bulls have somewhat reentered the market, and as of writing, bitcoin is trading at $27,126.85.
Ethereum (ETH) also moved lower on Tuesday, after nearly climbing back above $1,800 to start the week.
Following a high of $1,797.88 on Monday, ETH/USD dropped to a bottom at $1,690.52 earlier in today’s session.
Similar to bitcoin, this decline sent ethereum to its weakest point since March 17, when prices fell to a floor at $1,666.
The drop comes following a drop in price strength, which saw the RSI move to its lowest level in two weeks.
As of writing, the index has now bounced back from this floor at 51.00, and is currently tracking at 54.50.
Overall, ETH is down 1.52% over the last seven-days.
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Could this CFTC lawsuit be applied to other cryptocurrency exchanges? Leave your thoughts in the comments below.