BTC, ETH Consolidate To Start Weekend – Market Updates Bitcoin News
After strong gains on Friday, bitcoin consolidated below a key resistance level to start the weekend. Bulls chose to lock in gains as price uncertainty increased in the crypto markets, which at the time of writing are down 1% on the day. Ethereum was also marginally lower in the session.
Bitcoin
After strong gains on Friday, bitcoin (BTC) traded marginally lower on Saturday as prices fell below a key resistance point.
After yesterday’s high of $24,294.79, which saw prices briefly break out of the $24,200 ceiling, BTC/USD fell to a low of $23,481.17 earlier in the day.
This low comes as traders apparently chose to take profits at this point of uncertainty, as opposed to trying to send prices even higher.
Looking at the chart, the $24,200 resistance level came as another ceiling was hit, this time in the form of the 62 mark on the 14-day RSI (Relative Strength Index).
Relative strength recently rose to its highest point since April 4, when BTC traded above $43,000, but the price momentum in this case stalled due to current market conditions.
Prior to today’s price decline, bitcoin bulls were aiming somewhat for the $25,000 mark, but to reach this, the RSI would need to break above 62.
Ethereum
Ethereum (ETH) was also lower in today’s session as the recent bullish sentiment shifted slightly to the bearish side to start the weekend.
The world’s second largest cryptocurrency consolidated on Saturday, as prices fell to a low of $1,662.79.
Saturday’s drop comes a day after ETH/USD failed to move beyond the long-term price ceiling of $1,780, which has been held since June 10.
This failure then caused bears smelling blood to re-enter and move to push previous bulls out of their positions.
At the time of writing, ETH is trading at $1,689.70, with a 14-day relative strength index of 64.75, which is marginally below its own resistance level of 66.
Should bearish pressure persist in today’s session, the next landing spot for prices could be a floor of $1,620.
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Will Ethereum fall below $1600 this weekend? Leave your thoughts in the comments below.
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