BTC, ETH Consolidate on Saturday, After Yesterday’s Gains – Market Updates Bitcoin News
BTC was marginally lower to start the weekend, as cryptocurrencies consolidated after recent gains. After price increases on Friday, both ETH and bitcoin were slightly lower, as bulls appeared to have liquidated positions to secure profits.
Bitcoin
Bitcoin traded lower to start the weekend, as the markets consolidated after Friday’s price rise.
After peaking at $ 21,138.24 in yesterday’s session, BTC / USD fell to a low during the day of $ 20,518.90 earlier today.
This fall comes as yesterday’s momentum decreased slightly, and the bears entered the market again close to an important moment of uncertainty.
Looking at the chart, this resistance level was around the $ 21,100 level, which has often been a zone where bears like to circulate.
On this occasion, they chose to attack, forcing some former bulls to withdraw from their positions, while some were probably waiting for a suitable time to re-enter.
This also coincides with the 14-day RSI hitting a separate ceiling of 48, but if the price strength moves beyond this, we can probably see a continuation of upward momentum.
Ethereum
ETH was exposed to a similar fate on Saturday, when prices were slightly lower, after a relatively strong rally on Friday.
Yesterday, the world’s second largest token saw an intraday high of $ 1,275.78 as prices rose by almost 12% during the day.
This momentum has disappeared somewhat today, with prices reaching a low of $ 1,195.61 to start the weekend.
After briefly exceeding the $ 1,270 resistance level on Friday, some former bulls left their positions and chose to make a profit instead.
At the time of writing, prices continue to trade marginally above $ 1200, which is a good sign for those who want to take long-term positions.
Currently, the relative strength index follows 49.27, which is the highest point since April. However, it must be further strengthened if prices are to rise.
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Will ETH and BTC now trend lower for the rest of the weekend? Leave your thoughts in the comments below.
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