BTC Moves Towards $22,000 To Start Weekend – Market Updates Bitcoin News
Bitcoin moved towards $22,000 to start the weekend as prices consolidated after Friday’s rally. Price uncertainty has increased in crypto in the wake of recent rallies, which have pushed several tokens towards overbought territory. Ethereum also fell on Saturday.
Bitcoin
Bitcoin (BTC) prices fell on Saturday, as price uncertainty in the crypto markets continued to increase after recent gains.
The world’s largest cryptocurrency fell by over $1,000 in the past 24 hours, hitting an intraday low of $22,418.08 in the process.
On Friday, bitcoin traded at a high of $23,671.93, which was still close to a five-week high, but today’s bearish pressure has changed market sentiment.
As a result, prices now look as if they could be headed for a support point at $21,800 in the coming days.
Ultimately, market uncertainty began when the 14-day relative strength index (RSI) resistance level of 62.40 was hit earlier this week, with bullish momentum running out soon after.
Although it is still not clear, it is likely that we could see the $21,800 floor hit, but with some bulls still in the market, we may not see this support breached this weekend.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the red as prices moved away from recent highs to start the weekend.
ETH/USD fell to an intraday low of $1,523.64 on Saturday, following a high of $1,639.11 during Friday’s session.
Despite the drop, ETH has managed to stay above $1,500, with prices still up over 30% over the past seven days.
It is currently following the 14-day RSI at 62.38, which remains close to overbought territory and one of the main reasons for the decline in recent days.
Bears seem to be trying to re-enter the market due to the current volume of bulls, which is now leading to price consolidation.
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Will ethereum move below $1500 this weekend? Leave your thoughts in the comments below.
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