Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day.
Bitcoin
Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.
Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment.
In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00
Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.
Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60.
Ethereum
After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.
ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.
Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.
Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00
As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect cryptocurrency prices to fall further this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Credit: Source link
