BTC Drops On Saturday, As FTX Saga Continues – Market Updates Bitcoin News
In a week of turbulence, cryptocurrencies maintain this sentiment into the weekend, with both bitcoin and ethereum heading lower. Bitcoin once again fell below $17,000 on Saturday, when it was reported that a hack on FTX had taken place. Ethereum also moved lower today as the token stayed below $1,300.
Bitcoin
Bitcoin (BTC) was back below $17,000 to start the weekend as markets reacted to the latest news surrounding FTX.
It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.
In a week dominated by FTX-related news, crypto reacted somewhat to the headlines, with BTC falling into the red as a result.
BTC/USD fell to an intraday low of $16,543.48 on Saturday, less than 24 hours after hitting a high of $17,480.18.
As seen in the chart above, the 14-day relative strength index (RSI) is currently at 34.82, which is below a ceiling of 38.00.
Bulls hoping to move back towards $18,000 will likely need to force a breakout from the aforementioned resistance point.
Ethereum
Ethereum (ETH) started the weekend below $1,300, with the token moving below a key support level.
After a high of $1,301.80 on Friday, ETH/USD fell to a low of $1,211.33 earlier in today’s session.
This price drop saw the world’s second largest cryptocurrency fall below a floor of $1,225 on Saturday.
Looking at the chart, the selloff occurred as a bearish crossover between the 10-day (red) and 25-day (blue) moving averages.
As a result of this cross, some believe that ETH may be headed for $1000, with the possibility of further falls below this point.
Currently, the RSI is tracking at 40.82, with the next visible floor at the 38.15 point. Should price strength not hold at this level, the chances of the aforementioned plunge to $1,000 occurring will increase.
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Do you expect further fallout from the FTX saga? Leave your thoughts in the comments below.
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