BTC, ETH Consolidate To Start Weekend – Market Updates Bitcoin News
Bitcoin started the weekend trading above $17,000 as traders prepare for next week’s US Federal Reserve interest rate decision. Markets now expect the Fed to continue raising interest rates, following a higher than expected increase in producer prices. Ethereum mainly consolidated on Saturday as prices moved back towards a key price floor.
Bitcoin
Bitcoin (BTC) held above the $17,000 level to start the weekend, despite crypto markets largely consolidating.
BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session, which comes a day after hitting a high of $17,280.55.
As a result of today’s decline, BTC continued to move below the recent resistance level of $17,200.
Looking at the chart, it now looks like bitcoin may move towards a floor of $16,750, which comes as market volatility remains high today.
The turbulence came as the 14-day relative strength index (RSI) continued to move between a floor of 50.00 and a ceiling of 52.00.
For bulls to fully regain market sentiment, a breakout of the 52.00 mark must occur, which could then lead to a return to the upside.
Ethereum
Like bitcoin, ethereum (ETH) also consolidated to start the weekend, with the price moving close to a key point of support.
After a high of $1,290.06 on Friday, ETH/USD moved to a low of $1,260.82 earlier in the day.
As a result of today’s drop, the world’s second largest cryptocurrency moved closer to a recent floor of $1,230.
From the chart, today’s consolidation appears to be coming as bulls failed to break out of a $1,300 resistance point.
At the time of writing, ethereum now appears to be headed for the aforementioned floor at the $1,230 point.
This comes as the 10-day (red) moving average now appears to have stalled recent gains, and is slowly shifting lower.
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Will ethereum end the weekend below $1200? Leave your thoughts in the comments below.
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