BTC Hovers Below $24,000 On Friday, As Crypto Markets Consolidate – Market Updates Bitcoin News
Cryptocurrency markets consolidated on Friday, as bulls retreated marginally after strong gains in yesterday’s session. Bitcoin fell slightly below $24,000 as prices again failed to move past a key ceiling. Ethereum was also lower but continued to trade near $1,900.
Bitcoin
Bitcoin (BTC) prices edged marginally lower on Friday as crypto bulls retreated from strong gains during yesterday’s session.
The world’s largest cryptocurrency fell to an intraday low of $23,828.59 in today’s session, coming off a high of $24,822.63 the previous day.
Today’s decline came as BTC failed to sustain a move above the $24,600 resistance level, with bears apparently reentering at this point.
Looking at the chart, today’s decline fell with the 14-day relative strength index (RSI) failing to break out of its own ceiling.
This resistance was at the 60.32 level, which was last marginally breached on July 19, but a full move above this point has not occurred in over four months.
It seems like this is the last obstacle in the way to prevent bitcoin from increasing to $25,000 and beyond.
Ethereum
In addition to BTC, ethereum (ETH) also traded slightly lower in today’s session as prices of the world’s second largest token moved slightly below $1,900.
After a high of $1,905.49 on Thursday, ETH/USD moved to a low of $1,863.16 in today’s session.
Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices collided with this ceiling.
As a result, bearish pressure re-emerged, sending the token back below the $1,905 level, which as seen on the chart is a significant point of uncertainty.
Looking at the chart, on June 7th, when ETH last touched this ceiling, prices continued to fall for twelve consecutive sessions, bottoming out below $900 in the process.
In addition to this, the RSI has also failed to move beyond its own resistance at 68, which seems to have been a signal to the bears to re-enter the market.
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