BTC Begins Weekend in Bearish Territory – Market Updates Bitcoin News
After a move above $20,000 on Friday, bitcoin was back in the red on Saturday as prices fell near a key support point. As a result of this move, the token has been largely unchanged over the past week, with its price up 0.87% over the past seven days. Ethereum was also lower to start the weekend.
Bitcoin
Bitcoin (BTC) fell below $20,000 to start the weekend, as bearish sentiment returned after a brief rally late on Friday.
Following the release of the University of Michigan Consumer Sentiment report for September, which showed improvement from last month, BTC rose to a high of $20,109.85.
However, on Saturday, the token fell to an intraday low of $19,238.12, falling below the $19,300 floor in the process.
Looking at the chart, the move comes as the 14-day relative strength index (RSI) continues to move away from the ceiling at 49.00.
At the time of writing, the index is following 45.45, which is close to another support point near the 44.00 region.
Should this floor hold, there is a strong possibility that we could see a rebound, with bitcoin bulls not only taking the price back to $20,000, but potentially above this point.
Ethereum
Ethereum (ETH) also traded lower to start the weekend as the bullish sentiment from yesterday’s Consumer Sentiment data quickly dissipated.
Since reaching a high of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.
As a result of this selloff, the world’s second largest cryptocurrency fell below the support point of $1,330.
Currently, the token is trading at $1,325.36, with bulls trying to climb above this current resistance point.
As with bitcoin, ethereum’s 14-day RSI is also consolidating, hovering below a ceiling of 41.00 at the time of writing.
The 10-day (red) moving average appears to be finally positioned for a bounce, but this is likely to happen only once the ceiling of the RSI indicator is breached.
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Will we see Ethereum break out of this point this weekend? Leave your thoughts in the comments below.
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