BTC Consolidates Recent Losses To Start Weekend – Market Updates Bitcoin News
Bitcoin consolidated its latest losses on March 4, as cryptocurrency markets stabilized marginally from Friday’s selloff. Prices plunged to a two-week low in yesterday’s session, but sentiment has changed somewhat. Ethereum also recovered, moving back into the green to start the weekend.
Bitcoin
Bitcoin (BTC) consolidated Friday’s losses to start the weekend, as market volatility eased in today’s session.
After yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day.
The move sees bitcoin move back above a long-term support point at $22,300, following Friday’s breakout.
In addition, the 14-day relative strength index (RSI) has also appeared to have found a floor, which has helped ease the decline in price strength.
At the time of writing, the index is following at 42.89, which is marginally above the support point of 42.00
An area of concern for aspiring bulls is the imminent decline of the 10-day (red) and 25-day (blue) moving averages, which could signal future declines.
Ethereum
In addition to BTC, ethereum (ETH) also settled on Saturday as bearish momentum dissipated.
ETH/USD hit a high of $1,575.87 in today’s session, less than 24 hours after trading at a low of $1,552.45.
As a result of this rally, the world’s second largest cryptocurrency rose back above a price floor of $1,560.
However, this could be temporary, with the 10-day (red) moving average on the verge of a bearish cross with its 25-day (blue) counterpart.
The RSI is now tracking at 45.21, which is relatively higher than yesterday’s low of 44.51, and comes as bulls rejected a breakout of the 44.00 floor.
Should price strength move from this support point, and closer to a resistance level of 48.00, there is a strong possibility that ETH will be above $1600.
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Could cryptocurrency markets move further into the green this weekend? Leave your thoughts in the comments below.
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