BTC Falls Towards $27,000 To Start Weekend – Market Updates Bitcoin News
Bitcoin moved close to a breakout below $27,000 on Saturday as markets edged lower after a volatile week of trading. Market uncertainty was high this week as traders digested the latest rate hike by the Federal Reserve, as well as the ongoing global banking crisis. Ethereum remains below $1,800 at the time of writing.
Bitcoin
Bitcoin (BTC) began the weekend consolidating below the $28,000 mark as market volatility eased on Saturday.
After a high of $28,208.21 on Friday, BTC/USD moved to an intraday low of $27,039.27 earlier today.
As a result of the move, bitcoin collided with a floor at the $27,050 level, but bulls have so far rejected a breakout below that point.
Looking at the chart, today’s selling took place when the relative strength index (RSI) fell below a separate floor of 65.00.
At the time of writing, the index is now tracking at the 62.75 level, with the next visible support at the 60.00 mark.
Overall, BTC has recovered from previous lows, and is currently trading at $27,475.15.
Ethereum
Ethereum (ETH) also edged lower to start the weekend, as prices continued to fall from their recent seven-month high.
ETH/USD fell to a low of $1,730.35 in today’s session, which comes a day after hitting a high of $1,791.14.
The move pushed ethereum to its long-term floor of $1,730, with buyers opting to buy the valley at the point.
This latest price drop has pushed ethereum’s RSI to its lowest point in two weeks, with a current reading of 55.39.
Momentum is still marginally bullish as seen by the 10-day (red) moving average, but if prices move below $1,730, that could change.
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Could Ethereum fall below $1700 this weekend? Leave your thoughts in the comments below.
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