Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains Bearish

Bitcoin started the week trading below $19,000, as recent economic pressures continued to weigh on cryptocurrency markets. The token fell lower in today's session, as market sentiment remained bearish following last week's rate hikes by the U.S. Federal Reserve. Ethereum was also lower, falling below $1,300.

Timeline of Bitcoin, Ethereum

The global crypto market cap is still hovering below $1 trillion dollar which is led by the world's first cryptocurrency, Bitcoin (BTC). The flagship currency on the other hand is struggling to reclaim its pace above $20,000. At the time of publication, Bitcoin is selling at $18,919 with a drop of 0.

British crypto investors holding bitcoin are better off than U.S. counterparts who denominate their holders in the stronger Dollar. The post Pound hits all-time low versus the dollar, softening pain of bitcoin losses for Brits appeared first on The Block.

The markets appear to be in favor of the bulls as an attempt to rise beyond $19,000 was quickly nullified. The price continues to struggle around these levels as the Bitcoin price is again entering the lower support zone.

Bitcoin adoption has always been the subject of rigorous debates in many countries today. With financial powerhouses such as the U.S. and China still taking a hard stance against cryptocurrencies, it remains to be seen if the adoption of crypto by different nations will reach its peak in the near future.

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has made his views on Bitcoin clear by describing the calls to convert the country's reserves into the world's leading cryptocurrency as outright “craziness.” The CBK has long made its displeasure toward digital assets in the country known.

The Ethereum price (ETH) is in a downtrend and faces another rejection of the high at $1,400. The largest altcoin previously fell to a low of $1,220, but the bulls bought the dips.

The $19,500 resistance area was breached once more by the BTC price. However, it struggled and created a transient top close to the $19,400 mark, the peak it acquired before falling; both the $19,000 price barrier and the 100 hourly SMA were moved down.

Last week, prominent Bitcoin developer, educator and entrepreneur Jimmy Song explained why he is not a fan of altcoins. Song is the author of the book “Programming Bitcoin”, which is available on Amazon.

Jamie Dimon, JPMorgan CEO, said cryptocurrencies are dangerous “Ponzi schemes” that put billions of dollars at risk every year. The JPMorgan CEO told the House Financial Services Committee on Wednesday, that he is a major skeptic of crypto tokens and digital such as bitcoin.

Publicly traded sustainable Bitcoin (BTC) mining firm Iris Energy has signed a deal with investment bank B. Riley Financial per which the latter can buy up to $100 million in equity over the next two years.