BTC, ETH Fall as Key Resistance Levels Hold – Market Updates Bitcoin News
Bitcoin fell lower on Friday, as the token fell below a key resistance level during today’s session. After a mini-rally in price this week, bitcoin bears returned to action as volatility in the market increased. Ethereum was also lower, falling back below $1,700.
Bitcoin
After a mini-rally this week, bitcoin (BTC) was back in the red on Friday as the token fell below a key resistance point.
The world’s largest cryptocurrency fell to an intraday low of $21,171.79, which is nearly $600 lower than Thursday’s high of $21,744.87.
Today’s decline comes as market sentiment again shifted into bearish territory, following a breakout attempt at the $21,600 price ceiling.
Although BTC/USD climbed marginally beyond that point, bulls chose not to maintain previous positions, opting to lock in gains instead.
This was a signal to bears, who re-entered the market and now appear to be sending bitcoin closer to a floor of $20,800.
At the time of writing, there is little hope that today’s sell-off will ease, and this comes as the 14-day relative strength index (RSI) has reached a support level of 44.80.
Should this hold, we may see a BTC rally over the coming weekend.
Ethereum
Ethereum (ETH) also traded lower on Friday, as the token fell back below $1,700, as sentiment surrounding The Merge event faded marginally.
So far today, ETH/USD has fallen to a low of $1,628.17, which is about $90 below Thursday’s high of $1,718.18.
As with bitcoin, Friday’s move comes as ethereum bulls failed to sustain a breach of a key price ceiling.
Looking at the chart, the ceiling was $1,705 points, but bearish traders now seem to have a support at $1,550.
The 10-day (red) moving average has now extended its downtrend relative to its 25-day (blue) counterpart, with the RSI also weakening.
Currently, the index is trailing at 45.58, but it looks set to head towards a floor of 42.30, which is likely to be enough to take ETH back below $1,600.
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How low do you expect ethereum to fall this weekend? Leave your thoughts in the comments below.
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