BTC, ETH Consolidate After Week Of Intense Volatility – Market Updates Bitcoin News
After what has been a turbulent week of trading, bitcoin prices consolidated to start the weekend. The token marginally rose above the $19,000 level on Saturday, hovering near three-month lows in recent days. Ethereum also consolidated in today’s session as prices moved back above $1,300.
Bitcoin
Bitcoin (BTC) marginally rose above $19,000 on Saturday as markets continued to digest this week’s heightened levels of volatility.
After a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday high of $19,374.55 earlier today.
This move saw bitcoin climb back above the key support point at $19,300, following a recent breakout that sent prices to a three-month low.
Looking at the chart, the first price increase in today’s session came as the 14-day relative strength index (RSI) also moved higher, hitting a resistance level in the process.
Since hitting a ceiling of 44.10, BTC/USD prices have fallen from previous highs and are currently trading at $19,061.70.
If bulls intend to take BTC higher, potentially even back above $20,000, this current hurdle on the RSI must be overcome.
Ethereum
In addition to bitcoin, ethereum (ETH) has also had a turbulent week – one that saw prices fall to a low of $1,220.
However, after hitting this point, which now appears to be a price floor, the token has risen marginally in back-to-back sessions.
On Saturday, ETH/USD rose to an intraday high of $1,335.28, which comes less than 24 hours after trading at a low of $1,270.20.
As seen from the chart, the move came as the RSI also rose, reaching a high of 38.70 in today’s session.
Like bitcoin above, this reading took the index to a point of resistance, which has historically been an area where bears re-enter the market.
At the time of writing, ETH is trading at $1,327.12, which is still over 3% up from Friday’s floor.
Register your email here to get weekly price analysis updates delivered to your inbox:
Do you expect Ethereum to climb higher this weekend? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
