BTC Falls Below $25,000 After Recent Surge – Market Updates Bitcoin News
Bitcoin fell below the $25,000 mark on Friday as markets moved into consolidation following recent gains. Prices fell by nearly $1,700 in the last 24 hours, with the global cryptocurrency market cap down 1.89% at the time of writing. Ethereum also fell, after breaking into the $1,700 level on Thursday.
Bitcoin
Bitcoin (BTC) fell sharply below a high above $25,000 on Friday, as crypto markets moved into consolidation.
BTC/USD fell to an intraday low of $23,460.76 during today’s session, which comes a day after hitting a high of $25,134.12.
The sell-off appears to have occurred as a result of bitcoin bulls failing to sustain a breakout of a $24,200 ceiling.
Looking at the chart, the 14-day relative strength index (RSI) also moved back below its own resistance level of 65.00.
At the time of writing, the price strength is at 61.89, which is not too far from a support of 59.00.
BTC has already started to recover from its previous lows, with prices now trading at $23,820.98 at the time of writing.
Ethereum
Ethereum’s (ETH) decline was more on the subtle side, with prices staying relatively close to the $1,700 mark.
After a high of $1,732.80 on Thursday, ETH/USD is currently trading at $1,636.17 in today’s session.
Like BTC, ETH fell below a key resistance level of $1,675 en route to its current price point.
The decline coincided with the RSI failing to break out of a ceiling at 60.00. It is currently tracking at 58.90.
One positive, however, is that the 10-day (red) moving average is no longer turning downward, with the potential for a swift upward cross faintly on the cards.
Should this happen, there is a strong possibility that Ethereum will not only move back above $1,700, but potentially closer to $1,800.
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Will we see further consolidation this coming weekend? Leave your thoughts in the comments below.
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