BTC, ETH Lower on Saturday, as Bears Re-enter Market – Market Updates Bitcoin News
Bearish sentiment returned to cryptocurrency markets on Saturday, as bitcoin was once again in the red. The world’s largest token moved lower to start the weekend, following yesterday’s rally towards $20,000. Ethereum was also down today, falling below $1,300 in the process.
Bitcoin
Bitcoin (BTC) was in the red to start the weekend, as bearish sentiment returned to cryptocurrency markets.
BTC was higher on Friday, as uncertainty in the market eased, following the latest US inflation report, but it seems that this turbulence has returned this weekend.
As a result, BTC/USD fell to an intraday low of $19,076.63 earlier in the day, less than 24 hours after hitting a high of $19,821.40.
Looking at the chart, the price drop has pushed the 10-day (red) moving average (MA) close to an impending downward crossover with its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) is now back below the 50.00 mark, after failing to move past the ceiling of 55.00.
Should this momentum continue to wane, we could see prices head towards a floor of $18,600.
Ethereum
Like bitcoin, ethereum (ETH) also traded lower to start the weekend, with prices of the token falling below $1,300.
After a move above the $1,330 ceiling on Friday, ETH/USD moved to a low of $1,280.18 earlier in today’s session.
The fall sees the world’s second largest cryptocurrency hovering just above the floor of $1,275, which was last breached on Thursday.
That day, the token fell to a low of $1,190, but after the release of the US inflation report, prices recovered somewhat.
However, this rise has been short-lived, and the RSI has also fallen back towards a floor of 38.00.
Should price strength fall beyond this point, we could potentially see Ethereum fall below $1,200 again.
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What do you think has caused bears to re-enter the market this weekend? Leave your thoughts in the comments below.
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